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(H2) Remains Below Recent High

  • 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: 4203.60/50.00 50-day EMA / High Feb 2
  • PRICE: 4095.50 @ 06:05 GMT Feb 7
  • SUP 1: 4056.00/3990.50 Low Feb 4 / 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 gains stalled at 4250.00 last week, Feb 2 high. Price did breach the 50-day EMA last week - currently at 4203.60. This average remains a key resistance area and a clear break would suggest scope for a stronger recovery that would open 4324.50, Jan 13 high. A stronger reversal lower though would refocus attention on 3990.50, Jan 24 low and the trigger for a resumption of recent bearish pressure.

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