EUROSTOXX50 TECHS: (U4) Holding On To Its Recent Gains

• RES 4: 5087.00 High Jul 12   
• RES 3: 4997.00 High Jul 17     
• RES 2: 4951.00 High Jul 31 and a key near-term resistance 
• RES 1: 4935.00 High Aug 23   
• PRICE: 4921.00 @ 06:10 BST Aug 28
• SUP 1: 4846.63 20-day EMA 
• SUP 2: 4742.00 Low Aug 15  
• SUP 3: 4665.00/4494.00 Low Aug 9 / 5 and the bear trigger
• SUP 4: 4478.81 2.236 proj of the Jun 6 - 14 - Jul 12 price swing

Eurostoxx 50 futures traded higher last week and price is holding on to its latest gains. The contract has recently pierced the 50-day EMA, at 4875.55. An extension higher would undermine the recent bearish theme and highlight a stronger reversal. Sights are on 4951.00 next, the Jul 31 high. For bears, a reversal lower would refocus attention on the bear trigger at 4494.00, the Aug 5 low. Initial support lies at 4839.22, the 20-day EMA.