Free Trial

(U2) Reversal 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: 3685.00 High Sep 13
  • PRICE: 3570.00 @ 05:24 BST Sep 15
  • 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 traded faced strong resistance Tuesday as equity markets pulled back from recent highs. The sharp move lower threatens the recent short-term recovery and also signals the end of what has likely been a corrective cycle. A deeper pullback 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.

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.