Europe falls on Greek referendum

Dow Jones Europe Index has fallen hard since Greece announced it will hold a referendum on the austerity measures it has to take in return for the EU/IMF bailout proposal. Bearish divergence on 21-day Twiggs Money Flow indicates medium-term selling pressure. Breach of medium-term support at 230 would signal another test of primary support at 210. And failure of 210 would signal a decline to the 2009 low of 150*.

* Target calculation: 210 – ( 270 – 210 ) = 150