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Focus Is On A Break Of The Key EMA Zone

EUROSTOXX50 TECHS
  • RES 4: 3326.79 High Sep 18
  • RES 3: 3289.51 76.4% retracement of the Sep 16 - Sep 25 sell-off
  • RES 2: 3277.42 High Sep 21
  • RES 1: 3251.01 50-day EMA
  • PRICE: 3233.43 @ Close Oct 7
  • SUP 1: 3147.28 Low Oct 2
  • SUP 2: 3097.67 Low Sep 25 and the bear trigger
  • SUP 3: 3054.11 Low Jun 15
  • SUP 4: 3012.50 38.2% retracement of the Mar - Jul rally

EUROSTOXX 50 conditions have improved following Tuesday's break of resistance at 3227.43, Sep 28 high. Furthermore price is also pressuring a band of resistance between 3230.43 and 3251.01, the 20- and 50-day EMAs. A clear breach of this zone would strengthen a bullish argument and open 3277.42, Sep 21 high. Initial firm support has been defined at 3147.28, Oct 2 low. A break would reinstate a bearish threat and open 3097.67.

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