14 Jul 2014
Euro STOXX 50 aims for 3126 retrace - MarketChartist
FXStreet (Łódź) - Steve Miley, Director & Lead Analyst at MarketChartist, suggests that the EURO STOXX 50 Index, Europe's leading Blue-chip index for the Eurozone, aims for 3126 retrace, potentially 3090/85 and 3073 targets.
"A low level consolidation Friday as expected, having stated in our last report that 'we see a digestion bias, likely capped below 3185, but holding the 3131 low'."
"This activity reinforces bearish pressures from the prior push below the 3207 late June low, the retrace at 3200 and the bull gap at 3196-92, to also take out a further retrace at 3163."
"The plunge through these supports leaves the threat to the 61.8% retrace at 3126 early this week."
"The bearish bias is now below 3126 to the 3090/85 area and maybe 3073."
"A low level consolidation Friday as expected, having stated in our last report that 'we see a digestion bias, likely capped below 3185, but holding the 3131 low'."
"This activity reinforces bearish pressures from the prior push below the 3207 late June low, the retrace at 3200 and the bull gap at 3196-92, to also take out a further retrace at 3163."
"The plunge through these supports leaves the threat to the 61.8% retrace at 3126 early this week."
"The bearish bias is now below 3126 to the 3090/85 area and maybe 3073."