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EuroSTOXX 50 Future Bull Bias through 3138; Threat Still To 3177/81

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EuroSTOXX 50 Future Bull Bias through 3138; Threat Still To 3177/81

European benchmark bullish risks intact

·         We looked for a digestion tone Monday and the modest rebound has reflected a resilient consolidation, though we also stated that “whilst above support at 3033 and better foundation at 3018, we see upside risks intact for midweek”.

·         The push last week above the 3113 peak and 3132 resistance factors leaves the bias still higher into midweek and mid-month to aim back to 3118 and 3138, then extension this week for a key chart/ retrace area at 3177/81.

·         Overshoot threat is still to 3227/28/32, maybe 3239 and even to the cycle high at 3293 into month-end.


·         Below 3033 eases bull risks; through 3018 signals a neutral tone, only shifting negative below 295.

Download full report, levels & screencast here:

4 Hour Euro STOXX 50 December 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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