BTP TECHS: (Z5) Bull Trigger Remains Exposed

• RES 4: 5575.00 High Mar 3 and a major resistance (cont) 
• RES 3: 5568.00 High Mar 6  
• RES 2: 5526.00 High Mar 19 / 20 (cont) 
• RES 1: 5491.00 Intraday high 
• PRICE: 5478.00 @ 06:47BST Aug 18
• SUP 1: 5363.22 20-day EMA
• SUP 2: 5345.89 50-day EMA 
• SUP 3: 5280.00 Low Aug 7 
• SUP 4: 5249.00 Low Aug 5   

A bullish theme in Eurostoxx 50 futures remains intact and the contract is trading at its latest highs. The print above the May and July highs strengthens a bull theme and signals scope for a climb towards 5575.00, the Mar 3 high (cont) and key resistance. Moving average studies remain in a bull-mode position, highlighting an uptrend. Support to watch lies at 5345.89, the 50-day EMA.

• SX5E (21st Nov) 4275/4225ps, bought for 1 in 75k.
• SX5E (21st Nov) 4625/4575ps, bought for 2 in 37.5k.

• RES 4: 0.8769 High Jul 28  
• RES 3: 0.8744 High Aug 7 
• RES 2: 0.8682 High Aug 8  
• RES 1: 0.8654 20-day EMA 
• PRICE: 0.8631 @ 06:50 BST Aug 18
• SUP 1: 0.8597 Low Aug 14 
• SUP 2: 0.8562 50.0% retracement May 29 - Jul 28 upleg 
• SUP 3: 0.8540 Low Jun 30 
• SUP 4: 0.8514 61.8% retracement May 29 - Jul 28 upleg

EURGBP has breached a key support at 0.8611, the Jul 31 low and pierced the 50-day EMA, at 0.8615. A continuation lower would strengthen a bearish threat and highlight a stronger reversal of the uptrend between May 29 and Jul 28. This would open 0.8562, a Fibonacci retracement point. For bulls, a reversal higher would refocus attention on key resistance and the bull trigger at 0.8769, the Jul 28 high.