A further bounce back higher Friday, to maintain and reinforce the overall bullish theme, after the plunge lower on Thursday through support at 3553 was rejected with a close of the bear gap.
- We see an upside bias for 3623, then 3640, maybe closer to the new 3672 peak.
- But below 3585 opens risk down to 3544, which we would look to try to hold.
Short-term Outlook - Upside Risks:
- For latter March and April, we see a positive tone with the bullish threat for Fibo extension levels at 3686 and 3727.
- Bigger picture threat is still higher for a key swing high from 2008 at 3879.
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2 Hour EuroSTOXX 50 Future Chart (June Contract)