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Euro STOXX 50 Future Risk of a Bear Shift Through 3165

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Euro STOXX 50 Future Risk of a Bear Shift Through 3165

European benchmark correction sees threat of a bear swing

·         We stated in our last report to clients that “we see upside now likely capped by 3247 into Thursday, ahead of 3263. The bias is then for a roll back lower to the range, for 3200, maybe 3180/79 into Friday”.

·         The plunge through supports to pierce the up trend line from August leaves risk for a deeper late September correction.

·         We see bias for a test to the lower end of the range defined by chart resistance 3263 and 3165 retrace support.

·         The skewed bias is for a break below 3165 for a bear shift (see below).


·         Downside: Below 3165 sees risk lower for 3152/3142 and better support, 3122.

·         Upside: Back through 3263 aims back above the recent 3293 peak to aim for the 3307 high and maybe weekly continuation chart high 3327.

Download full report, levels & screencast here:


4 Hour Euro STOXX 50 December 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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