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