EuroStoxx bearish idea

Well, the situation in Europe isn't pretty. Let me highlight a couple of issues.

• Slowed economic growth
  The Euro zone had registered slowed manufacturing growth way before COVID19 hit. The pandemic just hit the nail on the head. The region is now experiencing an economic slow down compared to the 2020 summer season and this is going to affect the recovery in Europe.
  
  
• Second wave of Covid19 cases
  It's already officially that the continent is in the second wave of the pandemic. Lockdowns will further hurt supply chains in the region. However, a full scale lockdown may not happen as governments focus on specific localised targeting. Bars in France have been closed and Madrid is in lockdown (sort of).
  
  
• Trade issues including Brexit
  First, Europe is in the middle of a trade spat with the US. Well, Donald Trump has bully tendencies and hopes to reorganise the world trade order. Whether it's working for the US on not, we'll look into it on another day. However, it is hurting EU exports to the US. Exports to China, Europe's second largest export market, are not growing as expected as China has sort of refused to open up their market as agreed in an agreement between the two parties. China still has protectionist tendencies of it's steel and agricultural industries which the EU may be targeting.
  

This is just a few of the factors I'm following up with in Europe.

Technically, this index is slowly losing momentum after failing to recover fully from the February drop. On the Monthly chart, the 0.618 level is acting as a strong support.
It has been ranging in the lower timeframes hoping not to slip lower.
However, data may not give investors enough reason to hold on to the equity markets. We could see lower prices soon with the grim data. ECB intervention may stop this slip, but my money is on 3100 target 🎯.