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DAX Forecast January 10, 2017, Technical Analysis

By:
Christopher Lewis
Published: Jan 10, 2017, 06:06 GMT+00:00

The German index fell on Monday, testing the €11,500 level. That’s an area that should be rather supportive. We have gapped above here previously, so it

Dax daily chart, January 10, 2016

The German index fell on Monday, testing the €11,500 level. That’s an area that should be rather supportive. We have gapped above here previously, so it suggests that the buyers should return. A supportive candle is reason enough to go long, and I believe that we will then reach towards the €12,000 level. Even if we do break down a bit, I think there is a massive amount of support extending all the way down to the €11,400 level underneath. With this, I remain very bullish of the DAX, and look at this pullback as potential value that I can take advantage of.

About the Author

Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.

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