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(U4) Watching Support
- RES 4: 5200.00 Round number resistance
- RES 3: 5151.00 High May 16 and the bull trigger
- RES 2: 5132.00 High Jun 6
- RES 1: 4994.76/5087.00 50-day EMA / High Jul 12
- PRICE: 4920.00 @ 06:09 BST Jul 18
- SUP 1: 4903..00 Low Jul 2
- SUP 2: 4860.00 Low Jun 14 and the bear trigger
- SUP 3: 4846.00 Low Apr 19 and a key support
- SUP 4: 4800.00 Round number support
A bull cycle in Eurostoxx 50 futures remains intact. However, the move lower this week does undermine this theme. Price has traded through the 50-day EMA, exposing the next support at 4903.00, the Jul 2 low. Clearance of this level would expose 4846.00, the Apr 19 low and a key reversal point. For bulls, a move higher and a break of 5087.00, the Jul 12 high, would again highlight a bullish theme.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.