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• RES 4: 6523.63 1.764 proj of the May 23 - Jun 11 - 23 price swing 
• RES 3: 6500.00 Round number resistance
• RES 2: 6477.31 1.618 proj of the May 23 - Jun 11 - 23 price swing
• RES 1: 6468.50 High Jul 31 and the bull trigger      
• PRICE: 6427.75 @ 08:08 BST Aug 11
• SUP 1: 6239.50 Low Aug 1
• SUP 2: 6238.83 2.0% 10-dma Envelope
• SUP 3: 6216.34 50-day EMA
• SUP 4: 6213.75 50% retracement of Jun - Aug Upleg

Prices recovered well Friday, meaning the bulk of the bounce off the NFP low is holding firm, keeping the underlying uptrend intact for now. The index holds above support at the 20-day EMA, at 6343.83. Through recent phases of weakness, the 50-day EMA at 6224.07, has held as support - and will be important on any intraday declines. Clearance of this average is required to signal a stronger reversal. The primary trend remains up, leaving key short-term resistance and the bull trigger at 6468.50, the Jul 31 high.

• RES 4: 5575.00 High Mar 3 and a major resistance (cont) 
• RES 3: 5526.00 High Mar 19 / 20 (cont)
• RES 2: 5486.00/88.00 High May 20 and a bull trigger / High Jul 10
• RES 1: 5449.00 High Jul 27   
• PRICE: 5377.00 @ 08:07 BST Aug 11
• SUP 1: 5166.00 Low Aug 1
• SUP 2: 5155.65 3.0% 10-dma envelope
• SUP 3: 5138.00 High Apr 30 
• SUP 4: 5078.00 Low Apr 30  

The bounce off post-NFP lows in global equity indices persists, with the Eurostoxx 50 future recovering back above the 50-day EMA into the Thursday close. Additional strength this morning refocuses attention on 5486.00, the May 20 high. To the downside, recent impulsive weakness did result in a temporary breach of the bear trigger - this makes the April 30 hi/lo range at 5078-5138 the area of downside interest.

• RES 4: 122.35 2.500 proj of the May 14 - 20 - 21 price swing
• RES 3: 122.00 Round number resistance 
• RES 2: 121.73 High Jun 13 and the bull trigger 
• RES 1: 121.70 High Aug 5
• PRICE: 121.10 @ 08:00 BST Aug 11
• SUP 1: 119.59 Low Jul 25 and key short-term support         
• SUP 2: 119.48 Low May 26 
• SUP 3: 118.87 Low May 21  
• SUP 4: 118.51 Low May 14 and key support 

The primary trend condition in BTP futures is unchanged, it remains bullish and weakness into the Friday close appears to have been corrective. A doji candle on Jul 25 highlights a potential bullish reversal. A continuation higher would open 121.73, the Jul 13 high and a bull trigger. Clearance of this latter level would confirm a resumption of the uptrend. Key short-term support has been defined at 119.59, the Jul 25 low.