Euro Stoxx 50 is moving freshly higher and economists at Credit Suisse expect further strength towards 3800 and then the 3867 high of 2020.
“Euro Stoxx moved strongly higher yesterday and managed to rise as well above 3714/16 and then the 3743 range highs. This completes a bullish continuation pattern for a resumption of the broader uptrend with the immediate spotlight now on the top of the pandemic gap from last February at 3796/3800.”
“Although a pause from 3796/3800 should be allowed for, we look for a clear break in due course for a move to our core objective at 3867, which is the February 2020 high.”
“Immediate support is seen at 3734/18, before the more important 13-day exponential average, currently seen at 3710, which we expect to provide solid support for the re-accelerating momentum.”