Eurostoxx September contract Daily Forecast – 19 August 2015

EuroStoxx above first resistance at 3502/07 targets strong resistance & a selling opportunity at 3540/45 today. Try shorts with stops at 3555. A break higher targets 3560 then above here opens the door to 3566/69, perhaps as far as strong resistance at 3580/84 for profit taking on longs. Just be aware that we do have further strong resistance at 3595 & it is only a break above the gap at 3600 that then puts bulls back in control.

Failure to beat first resistance at 3502/07 risks a slide to 3476/72. If we continue lower look for good support at 3450/45 which should hold the downside again today, but longs need stops below the gap at 3433. Just be aware that a break lower targets the 3418/08 area.

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