For the bulls, important resistance levels at 2875.50 latest high of June 2nd, also at 2905.00 Fibonacci 61.8% retracement level and at the all-time high at 3019.00.
For the bears, important support levels exist at 2791.00 where the uptrend line lies right now, also at 2720.50 latest low of May 24th and finally at 2699.00 inside swing support from Aril 6th top.
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• Not a lot going on in this morning’s announcements from the EU. The focus will be on Trade Balance from Germany, along with the German 30y Bond Auction .
• European stocks hit new highs on Tuesday, lifted by travel and real estate shares, but weak German industrial output data and doubts over Britain lifting restrictions later this month capped gains.
The pan-European STOXX 600 index closed 0.1% higher after notching a record high earlier in the session, with sectors considered more stable such as real estate and telecoms leading gains.
• The euro zone economy contracted by much less than expected in the first quarter of the year, revised data from the EU's statistics office showed, with a build-up of inventories and investment offset by reduced consumer spending.
Eurostat said gross domestic product in the 19 countries sharing the euro contracted 0.3% quarter-on-quarter for a 1.3% year-on-year decline. These compared with estimates three weeks ago of respectively -0.6% and -1.8%.
Eurostat said also employment fell 0.3% quarter-on-quarter in January-March and was down 1.8% year-on-year.
• The ZEW Indicator of Economic Sentiment for Germany decreased in the current June 2021 survey, falling 4.6 points to a new reading of 79.8 points.
The financial market experts’ sentiment concerning the economic development of the eurozone also decreased in June, bringing the indicator to a current level of 81.3 points, 2.7 points lower than in the previous month.
• Industrial Production in Germany unexpectedly dropped in April, the official data showed on Tuesday, suggesting that the recovery in the manufacturing sector is faltering.
Eurozone’s economic powerhouse’s industrial output fell by 1.0% MoM, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, vs. a 0.7% rise expected and 2.2% last.
• At 06:00 (GMT) EU German Trade Balance results are due. It's a measure of the difference in value between imported and exported goods during the reported month.
• Tentative - EU German 30y Bond Auction results expected. This indicator measures the Average yield on a 30-year bond the government sold at auction, and the bid-to-cover ratio of the auction.
European indices yesterday:
• DAX: -0.23%
• EURO: -0.04%
• MIB: -0.06%
• CAC: +0.11%
Sources: Investing.com, forexfactory.com