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EUROSTOXX 50 futures breach 50-day EMA

EQUITIES
  • EUROSTOXX 50 futures are trading higher. The contract has cleared resistance at the 50-day EMA at 3861.40. This average represents an important resistance and the break higher confirms a resumption of the bull cycle that started Mar 7. Also, the move higher has confirmed a bull flag breakout on the daily chart. The focus is on 3965.50 next, the Feb 23 high. Initial support lies at 3735.00, Mar 18 low.
  • Further out sees resistance towards 4400.00 ahead of 4633.44, the 76.4% retracement of the Jan 4 - Feb 24 downleg.
  • USD is now down against the majority of the G10 (with the exception of the antipodes).

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