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(H2) Bear Trigger Exposed

EUROSTOXX50 TECHS
  • 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: 4188.70/4250.00 50-day EMA / High Feb 2
  • PRICE: 4110.00 @ 16:49 GMT Feb 17
  • SUP 1: 3996.00 Low Feb 15
  • SUP 2: 3990.50 Low Jan 24 and key support
  • SUP 3: 3980.00 Low Nov 30 2021
  • SUP 4: 3935.00 Low Oct 6 2021

EUROSTOXX 50 futures remain vulnerable despite the Tuesday bounce. Last week, the contract failed to hold above the 50-day EMA - at 4188.70. This average still represents a key resistance point where a clear break would suggest scope for a stronger recovery and open 4324.50, Jan 13 high. The shift lower however highlights the bearish threat and has exposed 3990.50, the Jan 24 low and the next bear trigger. A break would resume this year’s downtrend.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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