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Euro STOXX 50 Future Top and Bear Risks Fully Intact

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Euro STOXX 50 Future Top and Bear Risks Fully Intact

European benchmark aims lower for 3163 and 3126 retrace targets

  • A low level digestion Wednesday of the Tuesday plunge below the 3207 late June low, the key retrace at 3200 and the bull gap at 3196-92.

  • The risk remains for a deeper correction into mid-July to challenge further retrace targets at 3163 and maybe 3126.

  • Overshoot threat is to 3090/85 area and maybe 3073.

  • We would look for barriers at 3211/13 and 3228 to try to cap upside rebound efforts.



  • Above 3211/13 eases bear risks; through 3239 signals a neutral tone, only shifting positive above 3291.

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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