A resilient tone to end last week leaves an upside bias to a further consolidation theme to start this week.
Moreover, whilst above 3544, we see a still bullish theme for late April/ early May.
For Today: We see a neutral tone between 3606 and 3681 (with a positive bias)
Break above 3680/81 aims 3694, which we would look to try to cap.
Break below 3606 aims for 3592/91, which we would look to try to hold.
Short-term Outlook - Upside Risks:
We see a bigger picture positive tone with the late April threat back to the April cycle high at 3769.
The bullish risk is then for Fibo extension levels now at 3777 and 3835.
Above here the threat is still higher for a key swing high from 2008 at 3879.
What Changes This? Through 3544 signals a neutral tone, only shifting negative below 3457.
Momentum: Weekly and monthly momentum measures are supportive of further gains.
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2 Hour EuroSTOXX 50 Future Chart (June Contract)
Daily EuroSTOXX 50 Future Chart (June Contract)