EURO STOXX 50 Rebound risks
|A Monday setback for the pan-European index, the EURO STOXX 50, but holding at new 3511 support above our 3504 /00 area, to sustain a positive tone from Thursday’s erratic prince action that saw a rebound from above this area and from Friday’s advance, to leave risks higher again Tuesday.
The latter August push above key 3403 secured an intermediate-term base for an intermediate-term shift to bullish.
For Today:
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We see an upside bias for 3537; break here aims towards 3556/58, maybe 3569.
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But below 3511 targets 3504/00 and aims for 3489.
Intermediate-term Outlook - Upside Risks: We see an upside risk for 3569 and 3656
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What Changes This? Below 3443 shifts the intermediate-term outlook back to neutral; through 3404 is needed for an intermediate-term bear theme.
You can see more reports on European equity averages and Forex from Steve Miley on FXExplained.co.uk
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