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Euro STOXX future bull theme; aiming for 3276/82, then 3293/3307 peaks

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Euro STOXX future bull theme; aiming for 3276/82, then 3293/3307  peaks

A dip and bounce for a bullish outside Wednesday pattern to another new rebound high to reinforce the shift to a bull tone from the aggressive bullish outside pattern last Thursday and then Friday through a key barrier at 3212.

Short-term Outlook - Upside Risks:

  • We see a more positive tone with the bullish threat to 3276/82 peaks (March/Continuation charts).
  • Above here targets 3293 and 3307, the cycle high.
  • Break above opens topside for 3348 and 3377.

Momentum: The 8-day RSI, short-term momentum is rising and has scope to go still higher this week.

What Changes This? Below 3126 eases bull risks; through 3056 signals a neutral tone, only shifting negative below 2981.

For Today:

  • We see an upside bias for the 3276/82 peaks; break here aims for the 3293/3307 cycle peaks and maybe then 3326.
  • But below 3244 opens risk down to 3206 and 3194/80, maybe even 3146, which we would look to try to hold.


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Daily Euro STOXX 50 Future Chart


2 Hour Euro STOXX 50 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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