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Euro Stoxx 50, FTSE 100 Outlook: Rally to Challenge Key Resistance

Euro Stoxx 50, FTSE 100 Outlook: Rally to Challenge Key Resistance

EURO STOXX 50, FTSE 100 PRICE ANALYSIS & NEWS

  • Euro Stoxx 50: Closing the Gap
  • FTSE 100: Testing Resistance

EURO STOXX 50: CLOSING THE GAP

The Euro Stoxx 50 has made a firm break away from its 50% fib retracement to trade at its highest level since early March. In turn, eyes are for an extension to 3194, which would mark a closing of the early March gap. Alongside this, topside resistance is situated at 3246 (61.8% fib), failure to break could see a return to 3050.

 

EURO STOXX 50 PRICE CHART: DAILY TIME FRAME

Euro Stoxx 50, FTSE 100 Outlook: Rally to Challenge Key Resistance

FTSE 100: TESTING RESISTANCE

Upside in the FTSE 100 remains capped at last week’s high (6234), which also coincides with the 50% Fibonacci retracement from the Q1 sell-off. However, given the persistent rally across equity markets, upside risks remain, which in turn could see a test of 6400. That said, near term support resides at 6030-50 keeping the bullish momentum intact, although failure to hold raises the risk of a pullback to 5890 (38.2% fib).

 

FTSE 100 PRICE CHART: DAILY TIME FRAME

Euro Stoxx 50, FTSE 100 Outlook: Rally to Challenge Key Resistance

 

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