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FI Support Evaporates Amid Late Month End Selling

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(M2) Bear Cycle Extension

EUROSTOXX50 TECHS
  • RES 4: 3944.00 High Mar 29 and a key resistance
  • RES 3: 3883.00 High Apr 21
  • RES 2: 3775.00 High Jun 5
  • RES 1: 3693.90 20-day EMA
  • PRICE: 3504.00 @ 05:31 BST May 10
  • SUP 1: 3466.00 Intraday low
  • SUP 2: 3458.90 76.4% retracement of the Mar 7 - 29 rally
  • SUP 3: 3400.00 Round number support
  • SUP 4: 3309.00 Low Mar 7 and a major support

EUROSTOXX 50 futures remain in a bear mode. The contract has traded through fromer support at 3608.00, Apr 27 low to highlight a resumption of the current bear cycle. This sets the scene for an extension lower and opens 3458.90, a Fibonacci retracement. A break of this level would open 3309.00, the Mar 7 low and a major support. On the upside, firm resistance has been defined at 3775.00, Jun 5 high. A break of this level would alter the picture.

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