EURO STOXX 50 Pullback Setup Plays Out | Oct 15th
EURO STOXX 50 – Pulls Back to Critical Level
In our weekly market commentary, we suggested buying on a breakout pullback setup towards 2954 to get back long targeting 2980 and 3000. The major European index pulled back to 1 pt within our level and then launched higher hitting both targets without ever going into negative. Savvy price action traders profited from this, so hopefully you did the same.
The 3000 big figure level is critical, so expect to see covering which it looks like some has already taken place. Traders can now watch for breakout pullback setups above 3000 to get long with the trend, targeting 305o and 3100. Any daily closes back below 2955 would suggest the trend is maturing, and likely profit taking will ensue with a move back down to 2930 and perhaps 2884.
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