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(M2) Holding On To Recent Gains

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 May 5
  • RES 1: 3740.30 50-day EMA
  • PRICE: 3690.00 @ 06:01 BST May 17
  • SUP 1: 3599.00/3466.00 Low May 13 / Low May 10 and bear trigger
  • 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

The primary trend direction in EUROSTOXX 50 futures remains down. However, the contract is currently in a corrective cycle following the recovery from 3466.00, May 10 low. Price is trading at its recent highs and ahead of the next resistance at 3740.30, the 50-day EMA. A clear break of this EMA would improve a short-term bullish theme. On the downside, key support and the bear trigger is 34666.00.

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  • RES 4: 3944.00 High Mar 29 and a key resistance
  • RES 3: 3883.00 High Apr 21
  • RES 2: 3775.00 High May 5
  • RES 1: 3740.30 50-day EMA
  • PRICE: 3690.00 @ 06:01 BST May 17
  • SUP 1: 3599.00/3466.00 Low May 13 / Low May 10 and bear trigger
  • 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

The primary trend direction in EUROSTOXX 50 futures remains down. However, the contract is currently in a corrective cycle following the recovery from 3466.00, May 10 low. Price is trading at its recent highs and ahead of the next resistance at 3740.30, the 50-day EMA. A clear break of this EMA would improve a short-term bullish theme. On the downside, key support and the bear trigger is 34666.00.