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Euro Stoxx 50 is accelerating higher following its expected break above key long-term resistance from the point-of-breakdown from the GFC top at 3900/06 and analysts at Credit Suisse stay bullish for 3972 next and higher in due course.  

Euro Stoxx strength is extending above the point-of-breakdown from the GFC top  

“Euro Stoxx strength is starting to accelerate following the break above key long-term resistance at 3900/06 – the highs from February/May 2008 and point-of-breakdown to the GFC top – reinforcing our existing core bullish outlook.”  

“We look for a move to 3972 first, the 78.6% retracement of the 2007/2009 bear market, before 3995/4000, where the next possibility of a short-term consolidation is arising. Although we think this latter resistance caps at first, above in due course can see resistance next at 4029 and eventually 4176, the November 2007 low.”  

“Immediate support moves to 3922, with 3911/10 now ideally holding to keep the immediate risk higher. Below can see a deeper setback to price support and the 13-day exponential average at 3875/68, but with fresh buyers expected to show here. Indeed, we look to maintain a tactical bullish bias whilst above the 3784 late March low.”