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Free AccessFocus is on trendline support.....>
EUROSTOXX50 TECHS: Focus is on trendline support
*RES 4: 3650.63 2.000 projection of Aug 15 - Aug 22 from Aug 26 low
*RES 3: 3596.20 High May 18, 2018
*RES 2: 3587.16 1.618 projection of Aug 15 - 22 rally from Aug 26 low
*RES 1: 3578.04 High Sep 20
*PRICE: 3536.97 @ Close Sep 23
*SUP 1: 3534.35 Trendline support drawn off the Aug 15 low
*SUP 2: 3526.26 Low Sep 23
*SUP 3: 3506.36 Low Sep 17 and key support
*SUP 4: 3479.58 Low Sep 10
EUROSTOXX50 faced resistance yesterday. The pullback brings into focus trendline
support drawn off the Aug 15 low that intersects at 3534.35 today. A break of
the trendline would signal a reversal of the trend that has been in place since
Aug 15. This would open 3506.36, Sep 17 low, also a key support. For now the
trendline remains intact. As long as this is the case, bullish conditions hold.
A break of Friday's 3578.04 high would confirm a resumption of the uptrend.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.