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EUROSTOXX50 TECHS: (H5) Support Remains Intact
- RES 4: 5611.50 2.500 proj of the Nov 21 - Dec 9 - 20 ‘24 price swing
- RES 3: 5606.00 3.000 proj of the Dec 20 ‘24 - Jan 8 - 13 price swing
- RES 2: 5600.00 Round number resistance
- RES 1: 5474.00/5575.00 High Mar 17 / 3 and the bull trigger
- PRICE: 5458.00 @ 06:11 GMT Mar 18
- SUP 1: 5219.81/5284.00 50-day EMA / Low Mar 11
- SUP 2: 5249.00 Low Feb 5
- SUP 3: 5202.00 50.0% retracement of the Dec 20 ‘24 - Mar 3 bull leg
- SUP 4: 5185.00 Low Feb 4
Eurostoxx 50 futures have recovered from their recent lows. The M/T trend direction remains up and the recent pullback is considered corrective. Support to watch is the 50-day EMA, at 5319.81. It has recently been pierced. A clear break of this average would highlight a stronger short-term bear threat and suggest scope for a deeper retracement towards 5202.00, a Fibonacci retracement. A continuation higher would open the 5600.00 handle.
LOOK AHEAD: UK Timeline of Key Events (GMT Times)
| Date | UK | Period | Event |
| 18-Mar | 0930 | Consumer Price inflation weight update | |
| 19-Mar | 0001 | Feb | Brightmine pay deals for whole economy |
| 20-Mar | 0700 | Jan/Feb | Labour Market Survey |
| 20-Mar | 1100 | Mar | CBI Industrial Trends |
| 20-Mar | 1200 | Bank Of England Interest Rate | |
| 20-Mar | 1200 | Agents summary of business conditions | |
| 21-Mar | 0001 | Mar | Gfk Monthly Consumer Confidence |
| 21-Mar | 0700 | Feb | Public Sector Finances |
| 24-Mar | 0930 | Mar | S&P Global Flash PMI |
| 24-Mar | 1800 | BOE's Bailey lecture on UK growth | |
| 25-Mar | 1100 | Mar | CBI Distributive Trades |
| 26-Mar | 0700 | Feb | Consumer inflation report |
| 26-Mar | 0700 | Feb | Producer Prices |
| 26-Mar | - | OBR Spring Forecasts | |
| 26-Mar | 1530 | DMO agenda for quarterly consultation | |
| 27-Mar | 0830 | BOE's Dhingra on inflation targeting in the UK post-pandemic |
EURGBP TECHS: Bullish Outlook
- RES 4: 0.8530 76.4% retracement of the Aug 8 - Dec 19 ‘24 bear leg
- RES 3: 0.8494 High Aug 26 ‘24
- RES 2: 0.8474 High Jan 20 and a key resistance
- RES 1: 0.8450 High Mar 11
- PRICE: 0.8408 @ 06:21 GMT Mar 18
- SUP 1: 0.8369/8345 Low Mar 14 / 50-day EMA
- SUP 2: 0.8299/41 Low Mar 5 / 3 and a near-term bear trigger
- SUP 3: 0.8223 Low Dec 19 and a key support
- SUP 4: 0.8203 Low Mar 7 ‘22 and a lowest point of a multi-year range
A bull cycle in EURGBP remains in play. Friday’s bullish engulfing candle - a reversal pattern - signals a resumption of the trend and the end of the recent corrective pullback. Initial firm support to watch lies at 0.8345, the 50-day EMA. For bulls, a continuation higher and a break of 0.8450, the Mar 11 high, would open 0.8474, the Jan 20 high and the next key resistance. Clearance of this level would strengthen bullish conditions.
