Euro Stoxx 50 Breakout Pullback Setup | Jan 14th
EUSTX 50 – Forming Potential Breakout Squeeze
While the US indexes are showing mild signs of weakness, the European indices continue to demonstrate signs of strength. Earlier today the Euro Stoxx 50 formed a bullish pin bar, climbing for 12 straight hours and +60 points off the lows. This pin bar formed a HL (higher low) suggesting the index is underpinned with bulls coming in higher. Key resistance is at 3125, but the overall trend and pattern suggests an upside breakout is more likely.
I’ll look for either a breakout pullback setup above 3125, or on corrective pullbacks to 3090. Bears wanting to short have a prime resistance level here between 3125 – 3130.
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