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(U2) Reversal Extends

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: 3685.00 High Sep 13
  • PRICE: 3514.00 @ 05:32 BST Sep 16
  • 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

EUROSTOXX 50 futures are softer and continue to extend the pullback from Tuesday’s high. The sharp reversal lower this week threatens the recent short-term recovery and signals the end of what has likely been a corrective cycle. A continuation lower would refocus attention on a key short-term support at 3429.00, the Sep 5 low. Tuesday’s high of 3685.00 is the short-term bull trigger.

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