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News that the EU and the UK had agreed a 21-month Brexit transition deal propelled sterling higher yesterday but some gains were subsequently lost as doubts crept in. Sterling faces a difficult week between today's CPI, tomorrow's BoE meeting and the EU summit in Brussels on Thursday and Friday.
Day trade
Trade view / 09 September 2016 at 6:03 GMT

SEP16 Euro Stoxx hanging man trend points to bulls losing strength

partner and technical analyst / 3 c analysis
United Kingdom
Instrument: EU50.I
Price target:
Market price:

Thursday’s bearish signals were initially confirmed with futures posting a third lower daily low in a row and losses of virtually 50 points. However, for the third day in succession, the dip has been bought, sentiment recovering to close little changed on the day. That is the third unchanged close in a row.

Despite this, a daily hanging man formation has been formed, a signal which usually points to bulls losing strength and for futures to weaken.

Management and risk description

Allow room to sell an intraday rally and lower the stop to entry if the first target is met.


Entry: Sell at market and 3197, just below yesterday's high.

Stop: 3130, March's top.

Target: 3041, yesterday's low and 3020, a four-hour bull trend.

Time horizon: Today only.

Eurostoxx 4 hourly - bull trend

Eurostoxx Weekly - testing highs

Eurostoxx Yearly - Bear Trend
Charts: CQG. Create your own charts with SaxoTrader; click here to learn more. 

— Edited by Robert Ryan

Non-independent investment research disclaimer applies. Read more
Michael Liu Michael Liu
"Sell at market and 3197" , 3197 should be 3097??
Steve Lucas Steve Lucas
Yep Mike, you are correct it's early Friday fat finger day apologies
Michael Liu Michael Liu
You are welcome. Steve, thanks for sharing.
Steve Lucas Steve Lucas
take some profit and lower the stop to the entry point nice weekend


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