Europe's Blue-Chips Look Weak

OANDA:EU50EUR   Europe 50
As tweeted earlier, the Euro Stoxx 50             chart is looking very weak. While near-term technicals dip into oversold territory, the projection is for price action to head lower.

Today's session saw a close underneath the post-Brexit uptrend, and we are likely to see a move to 2,900 to 2,915 -- or the 61 percent retracement from mid-December.

The momentum of the trend via ADX-DMI is showing strength and overwhelming bearish price action. Due to the oversold technicals, with the z-score at -1.87, a relief bounce is expected. (the weekly z-score is just -.18).

However, expect Europe's to challege the 61 percent Fib. A close below this level would cause trouble, and the index could see another 50-100 point decline to challenge the larger downtrend support.

Additionally, the 20-day EMA is looking to cause a bearish crossover with the 200-day EMA .

Also, check out our excellent short call on Euro Stoxx 50             leading into the #Brexit vote!

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