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(U1) Approaching The 20-day EMA

EUROSTOXX50 TECHS
  • RES 4: 4636.70 76.4% retracement of the 2000 - 2009 bear phase
  • RES 3: 4294.20 1.236 proj of the May 13 - Jun 17 - Jul 19 price swing
  • RES 2: 4275.13 2.0% 10-dma envelope
  • RES 1: 4238.50 High Aug 12 and the bull trigger
  • PRICE: 4161.00 @ 05:45 BST Aug 19
  • SUP 1: 4153.0051.15 High Jun 17 / 20-day EMA
  • SUP 2: 4096.00 50-day EMA
  • SUP 3: 4047.50 Low Jul 27
  • SUP 4: 3944.00 Low Jul 21

EUROSTOXX 50 continues to retrace as a corrective cycle extends. Futures are approaching support at the 20-day EMA that intersects at 4151.15. A breach of this EMA would signal scope for a deeper pullback exposing potentially the 50-day EMA at 4096.00. The broader uptrend remains intact with moving average studies continuing to highlight a bullish structure. The trigger for a resumption of this trend is 4238.50.

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