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Euro Stoxx 50: Failure To Beat Resistance Could Put Bears In Control

Published 07/27/2016, 02:22 AM
Updated 07/09/2023, 06:31 AM

Euro Stoxx Weekly Chart

Euro Stoxx 50 failure to beat important trend line resistance could start to put bears back in control now. We are overbought and risks are increasing to the downside. Same levels apply for today with minor support at 2964/60 then better support at 2945/41.

Less chance this will hold today however and further losses targets strong support at 2915/11. This should be the best chance of a low for the day. Try longs with stops below 2900. Just be aware that a close below 2900 is a sell signal.

Trend line resistance at 2985/89 is the main challenge for bulls today. Try shorts with stops above 2997. A break higher is a short term buy signal and really there is little to stop us targeting a truly excellent selling opportunity at 3055/65.

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