Technical Forecast for Eurostoxx

Euro Stoxx broke 2660 which was a surprise but we then hit our next target at 2692/96. At this stage we expected to hit sellers & advised to try shorts with a stop above 2705. This worked with a top at 2694. We have seen an incredible 8.5% gain in just 8 sessions now but could hit profit taking today. Look for support at 2666/60 to take profit on those shorts but below here sees 2650 & possibly 2643. We look for a low for the day within this band but longs need a stop below the 100 day moving average at 2638.

 

2692/96 is resistance again today of course but stops needed above 2705 for further gains to 2714/16 then 2725/26 & possibly as far as 2731/35. This level closes the rollover gap & should be enough of a rally for now.