Euro Stoxx 50: Close below 3200/319 to turn the spotlight on the 3054/49 crucial support zone – Credit Suisse
|Euro Stoxx 50 has dropped significantly and a close below key gap support at 3200/3191 would negate the base, with the spotlight then turning on the 3054/49 crucial support zone, the Credit Suisse analyst team reports.
Key quotes
“Euro Stoxx 50 is breaking sharply lower after rejecting its downtrend from the February high, today seen at 3301, melting below both its 63-day and 200-day averages. A sustained move below 3200/3191 though is needed to confirm the base has been negated and a more important turn lower is underway, with next support seen at 3147/37, then more importantly at the late September low at 3098.”
“Resistance is seen at 3227 initially, then 3265, with the immediate risk now seen lower whilst below 3301/06.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.