The DAX fell initially during the course of the week, but found enough support to turn things back around and form a nice-looking hammer for the week as
The DAX fell initially during the course of the week, but found enough support to turn things back around and form a nice-looking hammer for the week as the market now appears to have found buyers at the €8400 level. With that, we believe that a break above the top of the hammer, which is the €8900 level would be reason enough to start buying. On top of that, we have to keep in mind that the €8900 level was the bottom of recent consolidation, and if we get above that level we would reenter it. Because of that, we would love to start buying above that handle.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
