Euro Stoxx 50 may fall to 4580.00 - 4730.00

Pivot

4980.00

Our preference

Short positions below 4980.00 with targets at 4730.00 & 4580.00 in extension.

Alternative scenario

Above 4980.00 look for further upside with 5050.00 & 5121.00 as targets.

Comment

As long as 4980.00 is resistance, look for choppy price action with a bearish bias.

Supports and resistances

5121.00 **

5050.00 ***

4980.00 ***

4834.50 Last

4730.00 ***

4580.00 ***

4470.00 **

Number of asterisks represents the strength of support and resistance levels.