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EUROSTOXX50 TECHS: (U4) Corrective Cycle Still In Play

EUROSTOXX50 TECHS
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisEquitiesCEEMEABulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets
  • 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: 4876.96/4998.00 50-day EMA / High Sep 3 and a bull trigger   
  • PRICE: 4780.00 @ 06:10 BST Sep 10
  • SUP 1: 4730.00 Low Sep 6
  • SUP 2: 4686.53 61.8% retracement of the Aug 5 - Sep 3 bull cycle 
  • SUP 3: 4612.94 76.4% retracement of the Aug 5 - Sep 3 bull cycle
  • SUP 4: 4558.00 Low Aug 6  

Eurostoxx 50 futures traded lower last week and a bearish tone - a correction - remains intact for now. The latest move down has resulted in a break of both the 20- and 50-day EMAs. Friday’s sharp sell-off signals scope for an extension lower and sights are on 4686.53, a Fibonacci retracement point.  Initial key short-term resistance has been defined at 4998.00, the Sep 3 high. First resistance is at 4876.96, the 50-day EMA.

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  • 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: 4876.96/4998.00 50-day EMA / High Sep 3 and a bull trigger   
  • PRICE: 4780.00 @ 06:10 BST Sep 10
  • SUP 1: 4730.00 Low Sep 6
  • SUP 2: 4686.53 61.8% retracement of the Aug 5 - Sep 3 bull cycle 
  • SUP 3: 4612.94 76.4% retracement of the Aug 5 - Sep 3 bull cycle
  • SUP 4: 4558.00 Low Aug 6  

Eurostoxx 50 futures traded lower last week and a bearish tone - a correction - remains intact for now. The latest move down has resulted in a break of both the 20- and 50-day EMAs. Friday’s sharp sell-off signals scope for an extension lower and sights are on 4686.53, a Fibonacci retracement point.  Initial key short-term resistance has been defined at 4998.00, the Sep 3 high. First resistance is at 4876.96, the 50-day EMA.