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(U2) Still Vulnerable Despite This Week’s Bounce

EUROSTOXX50 TECHS
  • RES 4: 3855.00 High Apr 21
  • RES 3: 3822/40.00 High Aug 17 / High Jun 6 and key resistance zone
  • RES 2: 3782.00 High Aug 18
  • RES 1: 3726.00 High Aug 22
  • PRICE: 3692.00 @ 05:31 BST Aug 26
  • SUP 1: 3621.00 Low Aug 23
  • SUP 1: 3582.50 50.0% retracement of the Jul 5 - Aug 17 rally
  • SUP 3: 3526.00 61.8% retracement of the Jul 5 - Aug 17 rally
  • SUP 4: 3467.00 Low Jul 18 / 19

EUROSTOXX 50 futures remain in a bearish corrective cycle, despite the bounce from Tuesday’s low. The initial move lower this week, marks an extension of the pullback from 3822.00, Aug 17 high. The 20-day EMA has been breached and the 50-day EMA at 3652.00 has been pierced. A clear break of the EMA would strengthen bearish conditions. Key resistance is at 3822.00 ahead of 3840.00. The latter is the Jun 6 high.

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