Euro Stoxx 50 challenges the 200-DMA at 3358 – Credit Suisse

Euro Stoxx 50 is set to test key resistance from the 200-day average and June high at 3358/95 and a close above here would change the tactical view of the Credit Suisse analyst team to positive. 

Key quotes

“Euro Stoxx remains well supported and is now seeing a fresh challenge on its 200-day average, currently at 3358. A close above here would significantly increase the risk the range of the past month is in the process of being resolved higher, with a move above the 3395 high of June needed to confirm a conclusive break to change our tactical view to positive and neutralize our negative one month view, with resistance then seen next at the late February/early March price gap and price resistance at 3438/48.” 

“Support is seen initially at 3277, then 3241/39, below which would ease the immediate upside bias to reinforce the sideways range with support then seen next at the potential uptrend from March, currently at 3223.”