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Euro STOXX 50 still stalling ahead of resistance in 3213/25 area

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Euro STOXX 50 still stalling ahead of resistance in 3213/25 area

European benchmark downside correction bias intact

·         We have repeated in our client reports from last week that “we still look for a cap at 3225 and for a roll back lower to the recovery range” and the bounce and another setback from ahead of 3204 (from 3200) leaves a defensive bias through midweek.

·         We now see risk to modest supports at 3153/51 and the Friday spike low at 3137 and maybe 3116.

·         The risk for the week is skewed for a deeper correction towards better supports at 3081 and 3063 for the week.

·         Only a move above 3225 shifts to a more bullish theme.

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

 

 

4 Hour Euro STOXX 50 September 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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