Free Trial

(U2) Corrective Bounce

EUROSTOXX50 TECHS
  • RES 4: 3774.00 High Jun 9
  • RES 3: 3689.00 High Jun 10
  • RES 2: 3638.40 50-day EMA
  • RES 1: 3567.00 High Jun 16
  • PRICE: 3548.00 @ 05:30 BST Jun 27
  • SUP 1: 3384.00 Low Jun 16 and the bear trigger
  • SUP 2: 3300.00 Round number support
  • SUP 3: 3241.70 1.382 proj of the Mar 29 - May 10 - Jun 6 price swing
  • SUP 4: 3189.10 1.50 proj of the Mar 29 - May 10 - Jun 6 price swing

EUROSTOXX 50 futures traded higher Friday and price continues to trade above recent lows. The primary trend direction remains down though and short-term gains are considered corrective. Moving average studies remain in bear mode condition and this highlights a bearish trend set-up. First resistance is seen at 3567.00, Jun 16 high and firmer resistance is at 3638.40, the 50-day EMA. The bear trigger is at 3384.00, Jun 16 low.

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.