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Free Access(M4) Approaching Key Support
- RES 4: 5170.50 1.50 proj of the Jan 17 - Feb 12 - 13 price swing
- RES 3: 5127.70 1.382 proj of the Jan 17 - Feb 12 - 13 price swing
- RES 2: 5100.00 Round number resistance
- RES 1: 4990.00/5079.00 High Apr 15 / 2 and the bull trigger
- PRICE: 4875.00 @ 06:11 BST Apr 16
- SUP 1: 4861.00 Intraday low
- SUP 2: 4856.40 50-day EMA
- SUP 3: 4826.00 Low Mar 5
- SUP 4: 4800.00 Round number support
Eurostoxx 50 futures are trading lower today. A bearish corrective cycle remains in play and the move down this month is allowing an overbought trend condition to unwind. The contract is approaching support at 4856.40, the 50-day EMA and this level marks the next key pivot price point. A clear break of the EMA would signal scope for a deeper retracement. Initial resistance to watch is 4990.00, the Apr 15 high.
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Why MNI
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.