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EUROSTOXX50 TECHS: (U4) Corrective Cycle Remains In Play

EUROSTOXX50 TECHS
  • RES 4: 5132.00 High Jun 6       
  • RES 3: 5087.00 High Jul 12 and a key resistance    
  • RES 2: 5012.00 High Jul 16
  • RES 1: 4886.63/4998.00 50-day EMA / High Sep 3 and a bull trigger   
  • PRICE: 4821.00 @ 06:19 BST Sep 6
  • SUP 1: 4838.00 Intraday low 
  • SUP 2: 4805.47 38.2% retracement of the Aug 5 - Sep 3 bull cycle   
  • SUP 3: 4747.00 50.0% retracement of the Aug 5 - Sep 3 bull cycle
  • SUP 4: 4718.00 Low Aug 14  

Eurostoxx 50 futures have reversed course this week and a bearish tone - a correction - remains intact for now. The move down has resulted in a break of both the 20- and 50-day EMAs. This paves the way for a pullback towards 4805.47 initially, a Fibonacci retracement. Initial firm short-term resistance has been defined at 4998.00, the Sep 3 high. Clearance of this level would reinstate the recent bullish theme.

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