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Euro STOXX 50 targets the critical 2012-14 trend line at 3023

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Euro STOXX 50 targets the critical 2012-14 trend line at 3023

European benchmark bear trend intact

·         An inside pattern pause Monday, a digestion of the plunge below the low at 3130, chart props at 3090/85 and the 78.6% retrace at 3073.

·         Capped by modest resistance at 3107, this still leaves early August risks lower and for still more intense liquidation pressures.

·         We still see risk through the 3055 recent low to the critical 2012-14 trend line, at 3023 for this week, with the 38.2% retrace of the up leg from mid-2013 and April swing low at 3006/05.


·         Above 3122/23 eases bear risks; through 3146 signals a neutral tone, only shifting positive above 3213.

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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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