EUROSTOXX50 TECHS: (U5) Bullish Outlook

• RES 4: 5565.23 1.618 proj of the Apr 7 - 9 - 10 price swing   
• RES 3: 5516.00 High Mar 3 and the key bull trigger
• RES 2: 5475.00 High May 20
• RES 1: 5355.88 20-day EMA  
• PRICE: 5275.00 @ 06:24 BST Jun 18 
• SUP 1: 5242.00 Low Jun 13  
• SUP 2: 5178.00 Low May 6 
• SUP 3: 5081.61 38.2% retracement of the Apr 7 - May 20 bull leg
• SUP 4: 5055.00 Low Apr 30  

Eurostoxx 50 futures are trading closer to their recent lows. The latest pullback t has resulted in a breach of the 50-day EMA at 5298.64. Price has also pierced 5255.00, the May 23 low. A clear break of both support points would signal a short-term top and highlight scope for a deeper retracement. This would open 5178.00, the May 6 low and 5081.16, a Fibonacci retracement. Initial resistance to watch is 5355.88, the 20-day EMA. 

Portugal and the EU are still due to sell bills this week, while Germany, the Netherlands, France and the ESM have already come to the market. We expect issuance to be E18.1bln in first round operations, down from E20.9bln last week.

• This morning, Portugal will look to issue E0.75-1.00bln of the 11-month May 22, 2026 BT.
• Finally today, the EU will look to sell up to E1.0bln of the 3-month Sep 5, 2026 EU-bill, up to E1.0bln of the 6-month Dec 5, 2025 EU-bill and up to E1.0bln of the 12-month Jun 5, 2026 EU-bill.

• RES 4: 107.690 High Apr 30 
• RES 3: 107.610 High May 23 and a key near-term resistance
• RES 2: 107.430/475 High Jun 13 / High May 27
• RES 1: 107.319 20-day EMA 
• PRICE: 107.220 @ 06:03 BST Jun 18
• SUP 1: 107.195/185 Low Jun 6 / 16    
• SUP 2: 107.125 Low May 12 and a key support
• SUP 3: 107.000 Round number support 
• SUP 4: 106.890 2.000 proj of the May 23 - 29 - 30 price swing

Schatz futures remain below last week’s high. Support to watch lies at 107.195, the Jun 6 low. It has been pierced, a clear break of this level would reinstate a bearish threat and signal scope for an extension towards 107.125, the May 12 low. On the upside, a breach of 107.470, the May 30 high, is required to strengthen a bullish condition. First key resistance is 107.430, the Jun 13 high.