Euro Stoxx 50 must overcome 4020/4080 to extend the uptrend – SocGen

Euro Stoxx 50 failed to cross resistance zone of 4020/4080. A move beyond here is essential for affirming an extended uptrend, economists at Société Générale report.

3730/3670 is near term support

“Resistance zone of 4020/4080, representing the high of March and the 61.8% retracement from last year, remains a key hurdle that must be overcome for affirming an extended uptrend.”

“If the index establishes itself below the support at 3670, a deeper decline could materialize towards 3550 and 3435, the 76.4% retracement of recent rebound.”