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Bulls Remain In The Driver’s Seat

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Bearish Price Sequence

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(U2) Watching Resistance

EUROSTOXX50 TECHS
  • RES 4: 3774.00 High Jun 9
  • RES 3: 3689.00 High Jun 10
  • RES 2: 3584.00 High Jun 27 and a key resistance
  • RES 1: 3504.00/3566.10 High Jul 8 / 50-day EMA
  • PRICE: 3457.00 @ 05:03 BST Jul 14
  • 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 are broadly unchanged and continue to trade above 3343.00, Jul 5 low. Short-term gains are still considered corrective and the primary trend direction is down. Last week’s breach of 3384.00, Jun 16 low, reinforces bearish conditions and highlights a resumption of the downtrend, opening 3321.30, a Fibonacci retracement. Initial resistance to watch is at 3504.00, Jul 8 high. A break would signal scope for a stronger bounce.

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  • RES 4: 3774.00 High Jun 9
  • RES 3: 3689.00 High Jun 10
  • RES 2: 3584.00 High Jun 27 and a key resistance
  • RES 1: 3504.00/3566.10 High Jul 8 / 50-day EMA
  • PRICE: 3457.00 @ 05:03 BST Jul 14
  • 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 are broadly unchanged and continue to trade above 3343.00, Jul 5 low. Short-term gains are still considered corrective and the primary trend direction is down. Last week’s breach of 3384.00, Jun 16 low, reinforces bearish conditions and highlights a resumption of the downtrend, opening 3321.30, a Fibonacci retracement. Initial resistance to watch is at 3504.00, Jul 8 high. A break would signal scope for a stronger bounce.