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(H2) Fresh Cycle Lows

EUROSTOXX50 TECHS
  • RES 4: 4324.50 High Jan 13
  • RES 3: 4250.00 High Feb 2
  • RES 2: 4111.30 50-day EMA
  • RES 1: 4021.70 20-day EMA
  • PRICE: 3765.00 @ 06:19 GMT Mar 2
  • SUP 1: 3704.00 Low Mar 1
  • SUP 2: 3663.50 1.50 proj of the Jan 5 - 24 - Feb 2 price swing
  • SUP 3: 3617.40 1.618 proj of the Jan 5 - 24 - Feb 2 price swing
  • SUP 4: 3600.00 Round number support

EUROSTOXX 50 futures traded lower Tuesday to a fresh trend low of 3704.00. This confirms a resumption of the downtrend and marks an extension of the primary sequence of lower lows and lower highs - a price condition that defines a downtrend. The break lower paves the way for weakness towards 3700.00 and 3663.50. The latter is a Fibonacci projection level. Firm short-term resistance is seen at 4021.70, the 20-day EMA.

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