EUROSTOXX50 TECHS: (U6) Trend Needle Points North
- RES 4: 6620.37 2.382 proj of the May 4 - 6 - 18 price swing
- RES 3: 6600.00 Round number resistance
- RES 2: 6568.25 2.236 proj of the May 4 - 6 - 18 price swing
- RES 1: 6544.00 High Aug 5
- PRICE: 6511.00 @ 06:58 BST Aug 06
- SUP 1: 6351.28/6256.25 20- and 50-day EMA
- SUP 2: 6201.00 Low Jul 21 and a reversal trigger
- SUP 3: 6155.00 Low Jun 12
- SUP 4: 5986.00 Low Jun 11
The trend set-up in EUROSTOXX 50 futures remains bullish and this week’s gains reinforce current conditions. The contract has breached 6462.00, the Jul 6 high and bull trigger, to confirm a resumption of the primary uptrend and maintain the price sequence of higher highs and higher lows. Sights are on 6568.25 next, a Fibonacci projection. A key support to watch lies at 6256.25 the 50-day EMA.
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BRENT TECHS: (U6) Bears Still In The Driver’s Seat
- RES 4: $103.26 - High May 5 and a bull trigger
- RES 3: $100.00 - Round number resistance
- RES 2: $96.22 - High Jun 3 and a key short-term resistance
- RES 1: $77.86/83.35 - 20- and 50-day EMA values
- PRICE: $72.86 @ 07:04 BST Jul 7
- SUP 1: $70.00 - Round number support
- SUP 2: $69.32 - 76.4% retrace of the Dec 16 ‘25 - May 18 bull leg
- SUP 3: $63.00 - Low Feb 3
- SUP 4: $58.83 - Low Dec 16 ‘25
The trend cycle in Brent futures remains bearish and the contract is trading closer to its recent cycle lows. A key support at $79.71, the Apr 8 low, has recently been breached. The break strengthens the bear cycle and sights are on the $70.00 handle next. Clearance of this level would further reinforce the bearish condition. Key short-term resistance has been defined at $96.22, the Jun 3 high. Initial firm resistance is $77.86, the 20-day EMA.
GERMAN DATA: Marginal IP Growth Driven By Car Industry In May
May industrial production slightly surprised to the upside and was revised higher for April too, after manufacturing turnover data suggested so yesterday. IP printed 0.9% M/M (0.1% cons, 0.2% prior, revised from 0.4%), with Destatis mentioning higher car production mainly driving the growth this time.
- More broadly, IP stalls close to cycle lows: "The less volatile three-month on three-month comparison showed that production was 0.1% higher in the period from March to May 2026 than in the previous three months."
- "The positive development of production in May 2026 was primarily attributable to the growth observed in the automotive industry (+3.6% on the previous month, seasonally and calendar adjusted). The increase registered in the construction industry (+0.9%) also had a positive impact on the overall result", Destatis notes.
EURJPY TECHS: Attention Is On Key Resistance
- RES 4: 187.95 High Apr 17 and the bull trigger
- RES 3: 187.56 High Apr 30
- RES 2: 186.56 76.4% retracement of the Apr 17 - May 6 bear leg
- RES 1: 185.86/186.32 High Jun 30 / High Jun 16 and 17
- PRICE: 185.06 @ 07:09 BST Jul 7
- SUP 1: 183.78/183.17 Low Jul 2 / Low Jun 24
- SUP 2: 182.05 Low May 06 and a bear trigger
- SUP 3: 181.87 Low Mar 16
- SUP 4: 180.81 Low Feb 12 and a key M/T support
EURJPY continues to trade above last week’s low. A continuation higher would cancel a recent bearish threat and refocus attention on key short-term resistance at 185.86, the Jun 30 high, and 186.32, the Jun 16 and 17 high. Clearance of both price points would be a bullish development. On the downside, support to watch lies at 183.17, the Jun 24 low. Clearance of this level would pave the way for an extension towards 182.05, the May 6 low.
