Technical forecast for Eurostoxx

Euro Stoxx Sep13 pushed higher for a retest of 2659/60 & held below 2669 for a second selling opportunity. We have a clear head & shoulders topping pattern forming, as long as we hold this resistance area. This has bearish implications & we could test the neckline in the coming weeks at 2490/85. A break below here in the coming months confirms a measured target of 2128.

Today we are overbought short term so a test of 2625/22 is likely. Below here decent support at 2596/91 could hold the downside today but below here look for 2575/73 & a buying opportunity.

Resistance at 2659/63 could hold the topside. Only a sustained break above 2670 sees 2685/87 & possibly a move towards very strong resistance at 2709/12 for a selling opportunity.