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Euro STOXX 50 Bear Bias Intact

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Euro STOXX 50 Bear Bias Intact

European benchmark targets 3126 retrace and below for 3090/85 and 3073

Activity still just within last Thursday's breakdown range, matching the low at 3130 on Monday to maintain negative pressures into this week.


Whilst capped by 3212 we see risk this week skewed for a renewal of bearish pressures given the prior push below the 3207 late June low, the retrace at 3200 and bull gap at 3196-92.


We still see threat back through 3130, to the 61.8% retrace at 3126 and below here aims for 3090/85 and 3073 targets.


July overshoot risk is to 3005!




Above 3190 eases bear risks; through 3212 signals a neutral tone, only shifting positive above 3291.

Download full report, levels & screencast here:



4 Hour Euro STOXX 50 Future Chart



Daily Euro STOXX 50 Future (Adjusted Continuation) Chart


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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.

He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).

Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.

Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.



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