We stated in our last report that "we see a neutral tone between 3592/91 and 3632 (but rebound bias)" and the push above the higher level leaves a recovery tone for Tuesday and this week.
Whilst minimally above 3544, we see a still bullish theme for April.
We see an upside bias for 3654/56; break here aims for 3693.
But below 3616 opens risk down to 3592/91, which we would look to try to hold.
Short-term Outlook - Upside Risks:
We see a bigger picture positive tone with the bullish threat for Fibo extension levels now at 3777 and 3835.
Above here the threat is still higher for a key swing high from 2008 at 3879.
What Changes This? Through 3544 signals a neutral tone, only shifting negative below 3457.
Momentum: Daily, weekly and monthly momentum measures are supportive of further gains.
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2 Hour EuroSTOXX 50 Future Chart (June Contract)