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4 Mar 2015
Euro Stoxx vulnerable near-term – BAML
FXStreet (Barcelona) - MacNeil Curry, Strategist at BofA-Merrill Lynch, shares the technical outlook for Euro stoxx, suggesting to remain on the sidelines as the index sees a risk of a correction.
Key Quotes
“While price action has exceeded our upside target of 3553, evidence says that this is a very late stage advance at very high risk of a correction.”
“The completing impulsive advance from the Jan lows, the persistent loss of upside momentum, and 15yr t/line resistance says that we should remain on the sidelines.”
“For now the risk is for a VGH5 pullback to 3430/3338 before renewed basing.”
“Big picture, we remain bullish the cash index for 3800, but not here or now.”
Key Quotes
“While price action has exceeded our upside target of 3553, evidence says that this is a very late stage advance at very high risk of a correction.”
“The completing impulsive advance from the Jan lows, the persistent loss of upside momentum, and 15yr t/line resistance says that we should remain on the sidelines.”
“For now the risk is for a VGH5 pullback to 3430/3338 before renewed basing.”
“Big picture, we remain bullish the cash index for 3800, but not here or now.”