Date | Time | Country | Event |
03-Nov | 0700 | DE | Trade Balance |
03-Nov | 0745 | FR | Industrial Production |
03-Nov | 1000 | EU | Unemployment |
06-Nov | 0700 | DE | Manufacturing Orders |
06-Nov | 0815 | ES | S&P Global Services PMI (f) |
06-Nov | 0845 | IT | S&P Global Services PMI (f) |
06-Nov | 0850 | FR | S&P Global Services PMI (f) |
06-Nov | 0855 | DE | S&P Global Services PMI (f) |
06-Nov | 0900 | EU | S&P Global Services PMI (f) |
07-Nov | 0700 | DE | Industrial Production |
07-Nov | 0730 | EU | S&P Global Final Eurozone Construction PMI |
07-Nov | 0800 | ES | Industrial Production |
07-Nov | 0835 | EU | ECB's de Guindos fireside organised by Deloitte |
07-Nov | 1000 | EU | PPI |
08-Nov | 0700 | DE | HICP (f) |
08-Nov | 0745 | FR | Foreign Trade |
08-Nov | 0900 | IT | Retail Sales |
08-Nov | 0900 | EU | ECB Consumer Expectations Survey |
08-Nov | 1000 | EU | Retail Sales |
08-Nov | 1045 | EU | ECB's Lane does keynote speech in Latvia |
08-Nov | EU | ECB's Lagarde participates in Eurogroup meeting |
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Eurostoxx 50 futures trend conditions remain bearish and the latest bounce has been corrective. The contract has traded below 4128.00, the Sep 27 low. This confirms a resumption of the downtrend that started late July and signals scope for a move towards 4055.40, a Fibonacci retracement point. Initial firm resistance is at 4226.20, the 20-day EMA. A break of this average would signal a possible short-term base.
A sharp sell-off in BTP futures last Thursday reinforced bearish conditions. However, the contract is in oversold territory and a move higher would be considered corrective and would allow the oversold condition to unwind. On the downside, the Sep 28 ‘22 low of 108.13 has been pierced - a major support. A clear break would open 107.08, a Fibonacci projection on the continuation chart. Resistance is at 110.52, the Sep 27 high.