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Free AccessStill Correcting Higher *RES 4:...>
EUROSTOXX50 TECHS: Still Correcting Higher
*RES 4: 3596.20 High May 18, 2018
*RES 3: 3588.68 High Oct 1 and key resistance
*RES 2: 3516.88 High Oct 2
*RES 1: 3480.28 Low Sep 25
*PRICE: 3471.24 @ Close Oct 7
*SUP 1: 3398.64 Low Oct 3 and near-term bear trigger
*SUP 2: 3372.70 61.8% retracement of Aug 15 - Oct 1 rally
*SUP 3: 3356.68 Low Aug 29
*SUP 4: 3321.68 76.4% retracement of Aug 15 - Oct 1 rally
EUROSTOXX50 pushed higher again Monday as the index corrects the sharp sell-off
between Oct 1 and 2. This sell-off is still expected to weigh on sentiment
near-term. Last weeks break of support at 3480.28, Sep 25 low and trendline
support drawn off the Aug 26 low opens 3372.70, 61.8% of the Aug 8 - Oct 1
rally. The trigger for a resumption of weakness is 3398.64, Oct 3 low. On the
upside, resistance is at the 3480.28 former breakout level.
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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.