Yahoo Finance DAX struggles during the week
The German index rallied initially during the week, struggling at the €13,200 level. We felt towards the €12,800 level, but I think there is significant support just below. I think if we can break down below the €12,750 level, the market will then go looking towards the €12,500 level after that as it would be Mary very supportive. I believe below there the €12,000 level will offer a bit of a “floor” in the market. In general, I think that the market is trying to consolidate and perhaps pick up a bit of momentum to the upside. I think if we can break down below the lows that were made a couple of months ago, the market could then break down from there. Ultimately, the DAX continues to be the blue-chip index for European traders, so if things calm down in the European theater, that should bring more money into this market.
The EUR/USD pair falling in general has helped the idea of cheaper German exports, and that of course helps the idea of German companies making more money on those exports. I believe that these dips should be offered as value that we can take advantage of. Ultimately, I still have a target of €15,000 above, but it may take some time to get there. That’s more or less my target for the end of the year. Selling at this point is impossible, unless of course we break down below the €11,600 level.
DAX Video 28.05.18
This article was originally posted on FX Empire
