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Euro STOXX 50 Future More Bearish Shift Aims Lower, Through 3087 Next

Published 10/06/2014, 02:43 AM
Updated 12/12/2023, 05:55 AM

The European benchmark DJ Euro Stoxx 50 reinforces a more negative theme

An inside pattern rebound effort Friday was far from a downside rejection, with only modest resistance probed, leaving bearish pressures from the Thursday plunge lower and prior top.

The Thursday plunge down to the 61.8% retrace target at 3087 opened the door to deeper targets into early October.

We now see bias still lower for 3106 and 3087 early this week.

For the week the risk is for bearish extension to chart targets at 3066 and 3048/43 with a final retrace at 3031.

Overshoot threat for October is down to 2994 and 2958.

WHAT CHANGES THIS?

Above 3188 eases bear risks; through 3227/31 signals a neutral tone, only shifting positive above 3249.

Euro Stoxx 50 Daily

Euro Stoxx 50 4-Hour

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