Euro Stoxx 50 trades a range now, (rather than break higher for a buy signal) as expected. We sold off from first resistance at last week’s high of 2790/99 to our targets of 2720/15 & 2675/65. As I write we bottomed exactly here.
Euro Stoxx 50 range trading as we dip back to 2720/15 then 2675/65 before support at 2610/00. A break below 2590 meets good support at 2560/55.
Bulls need prices to hold above minor resistance at 2700/10 for a recovery to 2760/70 before very strong resistance at last week’s high of 2790/99. A break higher targets minor resistance at 2845/55. Be ready to buy a break above 2865 targeting 2890/99, 2925/35 & 2960/70.
Trends
- Weekly outlook is negative
- Daily outlook is neutral
- Short Term outlook is neutral