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(U2) Trading Closer To Its Recent Highs

EUROSTOXX50 TECHS
  • RES 4: 3774.00 High Jun 9
  • RES 3: 3689.00 High Jun 10
  • RES 2: 3626.27 4.0% 10-dma envelope
  • RES 1: 3620.00 High Jul 22
  • PRICE: 3601.00 @ 15:13 BST Jul 22
  • SUP 1: 3343.00 Low Jul 5 and the bear trigger
  • SUP 2: 3321.30 50.0% retracement the major 2020 - 2021 upleg
  • SUP 3: 3300.00 Round number support
  • SUP 4: 3241.70 1.382 proj of the Mar 29 - May 10 - Jun 6 price swing

EUROSTOXX 50 futures touched a new high Friday at 3620, keeping the buy-on-dips present following the ECB decision. This week’s price action means prices have taken out resistance at both 3504.00, the Jul 8 high, the 50-day EMA at 3553.60 as well as 3584.00, the Jun 27 high. This suggests scope for a stronger short-term recovery and eyes 3689.00 - the Jun 10 high. On the downside, the key support and bear trigger is unchanged at 3343.00, the Jul 5 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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