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(H2) Back Below The 50-Day EMA

  • RES 4: 4392.50 High Nov 18 and key resistance
  • RES 3: 4381.50 High Jan 5 and the bull trigger
  • RES 2: 4324.50, High Jan 13
  • RES 1: 4250.00 High Feb 2
  • PRICE: 4144.00 @ 05:47 GMT Feb 4
  • SUP 1: 4104.50/3990.50 Low Feb 3 / Low Jan 24 and key support
  • SUP 2: 3980.00 Low Nov 30 2021
  • SUP 3: 3935.00 Low Oct 6 2021
  • SUP 4: 3895.00 Low Jul 19 2021 (cont)

EUROSTOXX 50 futures traded higher Wednesday but have since retreated. Price has breached the 50-day EMA this week - currently at 4108.90. This average marks a key resistance area and a clear break would suggest scope for a stronger recovery and open 4324.50, the Jan 13 high. Recent gains are still considered corrective. A stronger reversal lower would refocus attention on 3990.50, Jan 24 low and the trigger for a resumption of a bearish theme.

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