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(U2) Remains Above The 50-Day EMA

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: 3659.00 High Sep 12
  • PRICE: 3642.00 @ 05:31 BST Sep 13
  • SUP 1: 3504.00/3429.00 Low Sep 9 / Low Sep 5 and the bear trigger
  • SUP 2: 3386.00 Low Jul 15
  • SUP 3: 3362.00 Low Jul 14
  • SUP 4: 3343.00 Low Jul 5 and the bear trigger

A corrective cycle has unfolded in the EUROSTOXX 50 futures contract and price traded higher yesterday, marking a bullish start to the week. The 50-day EMA - an important short-term pivot level - has been cleared and the break suggests scope for a stronger short-term recovery. This has opened 3705.00, the Aug 26 high. On the downside, a strong reversal lower would refocus attention on the key support and bear trigger at 3429.00.

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