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(U2) Bear Trigger Cleared

EUROSTOXX50 TECHS
  • RES 4: 3774.00 High Jun 9
  • RES 3: 3689.00 High Jun 10
  • RES 2: 3586.90 50-day EMA
  • RES 1: 3494.20/3584.00 20-day EMA / High Jun 27
  • PRICE: 3446.00 @ 05:54 BST Jul 7
  • SUP 1: 3343.00 Low Jul 5 and the bear trigger
  • SUP 2: 3321.30 50.0% retracement the major 2020 - 2021 upleg
  • SUP 3: 3300.00 Round number support
  • SUP 4: 3241.70 1.382 proj of the Mar 29 - May 10 - Jun 6 price swing

EUROSTOXX 50 futures have recovered from Tuesday’s low. Gains are likely corrective and the trend outlook remains bearish. This week’s breach of support at 3384.00, the Jun 16 low, reinforces bearish conditions and confirms a resumption of the broader downtrend. This has opened 3321.30, 50.0% of the major 2020 - 2021 upleg. On the upside, key short-term resistance has been defined at 3584.00, the Jun 27 high.

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