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(U3) Bullish Trend Structure

EUROSTOXX50 TECHS
  • RES 4: 4501.60 1.618 proj of the May 31 - Jun 5 - 7 price swing
  • RES 3: 4487.00 1.50 proj of the May 31 - Jun 5 - 7 price swing
  • RES 2: 4472.40 1.382 proj of the May 31 - Jun 5 - 7 price swing
  • RES 1: 4448.00 High Jan 2008 (cont)
  • PRICE: 4430.00 @ 06:41 BST Jul 4
  • SUP 1: 4368.30/4337.70 20- and 50-day EMA values
  • SUP 2: 4262.00 Low Jun 26
  • SUP 3: 4241.00 Low May 31 and the bear trigger
  • SUP 4: 4200.00 Round number support

The Eurostoxx 50 futures uptrend remains intact and the latest pullback is considered corrective. Price has traded through resistance at 4438.00, the Jun 16 high and a bull trigger. The break confirms a resumption of the primary uptrend and paves the way for gains towards 4472.40, a Fibonacci projection. Initial key support is seen at 4368.30, the 20-day EMA. A pullback would be considered corrective.

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