Technical Forecast for Eurostoxx

Euro Stoxx Sep13 offered a selling opportunity at this year’s high at 2845/49 with stops on shorts above 2860. We topped at 2853 but today’s outlook remains quite positive so a break above 2853 cannot be ruled out and could target 2883/93. We are drastically overbought so watch for a high for the day here. However be aware that a break higher could target 2919/23.

 

Below 2837 is less positive & could trigger a drift lower to 2824/22. We then have trend line support at 2719/17 so a low for the day is likely in this area. However a break lower could target 2806/02. Just be aware that a close below the trend line would be a short term negative in to the end of the week.