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Another reluctant rebound effort Wednesday to again probe at the 3136/45 area, but we restate that "whilst below 3175 we see negative pressures as intact".
The significant breakdown early in 2015 below 2992 set a more bearish theme and was reinforced by Friday erosion.
Short-term Outlook - Downside Risks:
- The bearish threat for mid-January is to 2981/77 and back to the 2918/13 lows.
- Below here targets 2896/80 and 2848/41.
What Changes This? Above 3145 eases bear risks; through 3175 signals a neutral tone, only shifting positive above 3212.
- Looking for an early bounce to fade towards 3120; then see a downside bias for 3058; break here aims for 3026, maybe 3013/09.
- But above 3120 aims for 3155, which we would look to try to cap; above targets the firmer barrier at 3175.
Daily EuroSTOXX 50 Future Chart
2 Hour EuroSTOXX 50 Future Chart