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Remains Below Key Resistance

EUROSTOXX50 TECHS
  • RES 4: 3867.28 High Feb 20, 2020
  • RES 3: 3828.51 1.382 proj of Dec 21 - Jan 8 rally from Jan 28 low
  • RES 2: 3798.19 0.764 proj of Mar - Jul - Oct 2020 swing
  • RES 1: 3742.53 High Feb 15 and the bull trigger
  • PRICE: 3712.78 @ Close Mar 3
  • SUP 1: 3658.12 Low Mar 1
  • SUP 2: 3622.24 Low Feb 26
  • SUP 3: 3618.29 50-day EMA
  • SUP 4: 3576.43 61.8% retracement of the Jan 28 - Feb 15 rally

EUROSTOXX 50 remains in a broader uptrend. However, while price remains below 3742.53, Feb 15 high, a corrective cycle remains in play, For bears, attention has been on the 50-day EMA at 3618.29 where a break would suggest scope for a deeper pullback. This week's gains are encouraging for bulls. 3742.53 marks the bull trigger for a resumption of the uptrend and would open 3798.19, a Fibonacci projection.

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