Euro Stoxx 50 Breaks Key Support At 3496/3490
Jason Sen | May 07, 2015 08:46AM ET
Euro Stoxx managed a close above 3496/3490 which is still quite positive but we need to beat resistance at 3535/38 today. Any shorts need stops above 3546 to target 3560 then resistance at 3571/73. A high for the day possible but shorts need stops above 3585. Be ready to go with a break higher to target 3600/03. Any further gains offer an excellent selling opportunity at 3630/33.
Failure to beat 3535/38 risks a slide to 3496/3490 then a retest of 3482/78. A break below here however is negative and targets 3469/64 then 3454/53 before 100 day moving average support at 3440/30. A low for the day likely but longs need stops below 3415. A break lower risks a slide as far as very important longer term Fibonacci support at 3390/85.
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