Free Trial

(U2) Bearish Threat Still Present

EUROSTOXX50 TECHS
  • RES 4: 3822/40.00 High Aug 17 / High Jun 6 and key resistance zone
  • RES 3: 3782.00 High Aug 18
  • RES 2: 3705.00 High Aug 26 and key near-term resistance
  • RES 1: 3621.00 Low Aug 23
  • PRICE: 3575.00@ 05:32 BST Aug 31
  • SUP 1: 3526.00 61.8% retracement of the Jul 5 - Aug 17 rally
  • SUP 1: 3500.00 Round number support
  • SUP 3: 3456.00 76.4% retracement of the Jul 5 - Aug 17 rally
  • SUP 4: 3386.00 Low Jul 15

EUROSTOXX 50 futures remain bearish following the Aug 26 sharp reversal and resumption of the current bearish cycle. The break lower paves the way for an extension and attention is on 3526.00, a Fibonacci retracement. Scope is also seen for a move towards the 3500.00 handle. On the upside, initial resistance is seen at 3629.00, the Aug 30 high and a recent breakout level. Firmer resistance is at 3705.00, the Aug 26 high.

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.