Type:
Bullish Bounce
Key Rise:
Resistance: 3851
Pivot: 3742
Support: 3659
Preferred Case:
On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise from our pivot at 3742 where the pullback support is to the 1st resistance at 3851 where the swing high resistance, 161.8% fibonacci extension and 78.6% fibonacci projection are.
Alternative Scenario:
Alternatively, price could break pivot structure and drop to 1st support at 3659 where the swing low support, 23.6% fibonacci retracement , -27.2% fibonacci expansion and 78.6% fibonacci projection are.
Fundamentals:
As mentioned in the CPI report, US consumer inflation has eased up which leads us to have a bullish view on EURO STOXX 50 FUTURES .
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.