EuroStoxx: holding below 3720 risks a slide to support at 3704

Jason Sen DayTradeIdeas.co.uk

Eurostoxx

EuroStoxx 50 December Futures

EuroStoxx unexpectedly collapsed from 3772 wiping out much of the gains for the day on Friday. The negative candle is not a sell signal but may signal more of a sideways direction. Bulls have not given up.

Daily Analysis

EuroStoxx retested & held the November high of 3725/29 on the correction so this remains key support. A bounce tests minor resistance at 3742/46. Above 3750 retests obvious resistance at 3769/72. A break higher targets 3786/90 & 3798/3802.

Holding below 3720 risks a slide to support at 3704/00. Try longs at 3685/75 with stops below 3665.

Trends

Weekly outlook is positive

Daily outlook is positive

Short Term outlook is neutral

Author

Jason Sen

DayTradeIdeas.co.uk

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