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06.07.2023 01:54 PM
Eurostoxx50 under pressure

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Yellow rectangle- resistance

blue line- support trend line

EU50 index is trading around 4,280 today. Price remains under pressure after the rejection at the resistance area of 4,400, We warned in previous posts that a pull back towards the blue support trend line is justified after a rejection at the yellow rectangle area. Support by the blue trend line is at 4,245. The RSI has already reached oversold conditions. Price justifies a bounce but there is still danger of a new lower low. Major horizontal support is found at 4,200. Bulls do not want to see a daily close below this level as this will signal the cancellation of any bullish short-term scenario.

Summary
Urgency
Analytic
Alexandros Yfantis
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