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(U2) Still Trading Above Recent Lows

EUROSTOXX50 TECHS
  • RES 4: 3774.00 High Jun 9
  • RES 3: 3689.00 High Jun 10
  • RES 2: 3630.50 50-day EMA
  • RES 1: 3584.00 High Jun 27
  • PRICE: 3502.00 @ 05:31 BST Jun 29
  • 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 continue to trade above recent lows and a corrective cycle remains in play The primary trend direction is down though. Moving average studies are in bear mode condition and this highlights a clear bearish trend set-up. Firm resistance is at 3630.50 the 50-day EMA and key support is at 3384.00, Jun 16 low. A breach of the 50-day EMA is required to strengthen S/T bullish conditions, signalling scope for a stronger recovery.

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