Free Trial

(U1) Corrective Cycle

EUROSTOXX50 TECHS
  • RES 4: 4294.20 1.236 proj of the May 13 - Jun 17 - Jul 19 price swing
  • RES 3: 4271.30 2.0% 10-dma envelope
  • RES 2: 4238.50 High Aug 12 and the bull trigger
  • RES 1: 4169.50 High Aug 19
  • PRICE: 4115.00 @ 06:05 BST Aug 20
  • SUP 1: 4078.00 Low Aug 19
  • SUP 2: 4026.20 76.4% retracement of the Jul 19 - Aug 13 rally
  • SUP 3: 3944.00 Low Jul 21
  • SUP 4: 3895.00 Low Jul 19

EUROSTOXX 50 continued to retrace yesterday and futures have cleared the 20-day EMA. The breach of this EMA signals scope for a deeper pullback and note price has also probed the 50-day EMA at 4096.90. The broader uptrend remains intact with moving average studies continuing to highlight a bullish structure. A clear breach of the 50-day EMA though would concern bulls. The trigger for a resumption of the uptrend is 4238.50.

To read the full story

Close

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.