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(M4) Has Cleared The 50-Day EMA

EUROSTOXX50 TECHS
  • RES 4: 5127.70 1.382 proj of the Jan 17 - Feb 12 - 13 price swing
  • RES 3: 4990.00/5079.00 High Apr 15 / 2 and the bull trigger
  • RES 2: 4933.00 20-day EMA 5100.00
  • RES 1: 4861.00 Intraday low
  • PRICE: 4820.00 @ 06:36 BST Apr 19
  • SUP 1: 4762.00 Intraday low
  • SUP 2: 4711.00 Low Feb 19
  • SUP 3: 4700.00 Round number support
  • SUP 4: 4626.00 Low Feb 13

Eurostoxx 50 futures have traded to a fresh S/T cycle low today. A bearish corrective cycle remains in play and the move down this month has allowed an overbought trend condition to unwind. The contract has breached support at 4858.80, the 50-day EMA and a key pivot price point. The clear break of this average signal scope for a deeper retracement and opens 4711.00, the Feb 19 low. Initial firm resistance to watch is 4933.00, the 20-day EMA.

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