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EuroSTOXX 50 Future Bull Bias for Key Targets at 3438 and 3474

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EuroSTOXX 50 Future Bull Bias for Key Targets at 3438 and 3474

A dip as anticipated Monday after the Friday intraday setback, but a resilient bounce from out flagged support at 3044, to see a quick renewal of upside pressures with a new recovery high.

The surge Thursday through the 3307 cycle high reinforced the bullish outside Wednesday pattern and an extension higher Friday to hit Fibo targets at 3377 and 3403 to leave risk higher for latter January.

Short-term Outlook - Upside Risks:

  • We see a more positive tone with the bullish threat to monthly chart levels from 2008 at 3438 and 3474.
  • Mid-Q1 overshoot risk is higher to the 61.8% retrace of the entire 2007-09 bear market at 3520!!

Momentum: The 8-day RSI, short-term momentum is rising and has scope to go still higher for the next week. Weekly and monthly momentum are also supportive.

What Changes This? Below 3257 eases bull risks; through 3206 signals a neutral tone, only shifting negative below 3126

For Today:

  • We see an upside bias for 3438; break here aims for 3458, maybe 3474.
  • But below 3383 opens risk down to 3346/44, 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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