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Free Access(U2) Resumes Its Downtrend
- 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: 3629.00 High Aug 30
- PRICE: 3487.00@ 05:30 BST Sep 1
- SUP 1: 3456.00 76.4% retracement of the Jul 5 - Aug 17 rally
- SUP 1: 3386.00 Low Jul 15
- SUP 3: 3362.00 Low Jul 14
- SUP 4: 3343.00 Low Jul 5 and a key bear trigger
EUROSTOXX 50 futures remain bearish and yesterday’s move lower confirms a resumption of the downtrend. The contract has cleared 3526.00, 61.8% retracement of the Jul 5 - Aug 17 rally. This sets the scene for a move towards 3456.00 next, the 76.4% retracement. A break of this level would strengthen bearish conditions and expose key support at 3343.00, the Jul 5 low. On the upside, a firm short-term resistance has been defined at 3629.00.
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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.