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Euro STOXX 50 Future Bull Risk To Target 3315 And 3337 Next

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Euro STOXX 50 Future Bull Risk To Target 3315 And 3337 Next

European benchmark aims higher

·         We stated in our last client report “for Friday, however, we see risk of a dip lower, but would look for 3255 support to try to hold” and the initial dip lower held here, with a bounce from 3261.

·         However, a far more robust extension of our still bullish theme for June allowed for a push to another new cycle high and through a confluence of Fibo targets at 3296/ 3301.

·         This leaves risk still higher early this week to target 3315 and 3337 Fibo levels next and maybe 3354 and 3378.

·         Although the 8-day RSI is again OB, it has confirmed the new high, leaving scope to go still higher.

WHAT CHANGES THIS?

·         Below 3255 eases bull risks; through 3216 signals a neutral tone, only shifting negative below 3199.

Download full report, levels & screencast here: http://members.marketchartist.com/Daily/eurostoxx.pdf

 

 

Daily Euro STOXX 50 Future (Adjusted Continuation) Chart

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2 Hour Euro STOXX 50 Future 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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