Free Trial

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

(H3) Overbought Rally Falters

  • RES 4: 4409.50 High Nov 18 2021
  • RES 3: 4335.50 High Jan 6 2022 (cont)
  • RES 2: 4324.50 High Jan 13 2022 (cont)
  • RES 1: 4315.00 High Feb 16
  • PRICE: 4290.00 @ 15:24 GMT Feb 16
  • SUP 1: 4167.50/4097.00 20-day EMA / Low Jan 19 and a key support
  • SUP 2: 4062.40 Bull channel base drawn from the Oct 13 low
  • SUP 3: 3890.00 Low Jan 4
  • SUP 4: 3753.00 Low Dec 20 and the bear trigger

EUROSTOXX 50 futures were tilted higher through the Thursday open, before fading slightly into the close. This puts prices just below first resistance at 4303.20, the 2.382 proj of the Sep 29 - Oct 4 rise from Dec 20 low, but still above 4265.00, the Feb 3 high. Note that the trend is overbought. A pullback would represent a healthy correction. Key support lies at 4097.00, the Jan 19 low. Initial support is at 4167.50, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 |

To read the full story

Why Subscribe to


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.