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(Z1) Bearish Threat Remains Present

  • RES 4: 4300.00 Round number resistance
  • RES 3: 4223.00 High Sep and the bull trigger
  • RES 2: 4197.45 2.0% 10-dma envelope
  • RES 1: 4184.00 High Sep 17
  • PRICE: 4144.50 @ 05:52 BST Sep 23
  • SUP 1: 3974.00 Low Sep20
  • SUP 2: 3962.50 76.4% retracement of the Jul 19 - Sep 6 rally
  • SUP 3: 3941.50 Low Jul 21
  • SUP 4: 3882.00 Low Jul 19 and a key support

EUROSTOXX 50 futures traded down to 3974.00 on Sep 20. The contract has since recovered. Despite recent gains, a bearish threat remains present. Monday's breach of 4060.50, Aug 19 low highlights a short-term bearish cycle. This follows last week's move below 4104.50, Sep 9 low that confirmed a bearish price sequence of lower lows and lower highs and opens 3962.50 next, a Fibonacci retracement. Resistance is at 4102.50, Sep 20 high.

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