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Free Access(Z3) Corrective Bounce Extends
- RES 4: 4388.00 High Aug 30 and reversal trigger
- RES 3: 4359.00 High Sep 15 and key resistance
- RES 2: 4257.70 50-day EMA
- RES 1: 4252.00 High Oct 12
- PRICE: 4236.0 @ 08:37 BST Oct 12
- SUP 1: 4082.00 Low Oct 4
- SUP 2: 4055.40 76.4% retracement of the Mar 20 - Jul 31 bull cycle
- SUP 3: 4034.00 Low Mar 24 (cont)
- SUP 4: 4000.00 Psychological round number
Eurostoxx 50 futures continue to push back against the recent bearish trend condition. Friday’s rally and the follow through early this week is, for now, deemed corrective in nature. Signs of further strength and a bottoming of prices would follow a break back above the 50-day EMA - a key level on Thursday at 4257.70. A break of this average would signal a possible short-term base, opening levels last seen in mid-September.
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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.