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DAX Forecast January 16, 2017, Technical Analysis

By:
Christopher Lewis
Updated: Jan 16, 2017, 07:07 UTC

The DAX rally during the session on Friday, as we continue to find support just below. The 11,500 level is acting as a “floor” in this market, so every

Dax daily chart, January 16, 2016

The DAX rally during the session on Friday, as we continue to find support just below. The 11,500 level is acting as a “floor” in this market, so every time we pullback I feel it’s only matter of time before we go higher. I buy dips, and expect that we will break out and reach towards the €12,000 level next. I also recognize that even below the €11,500 level there is a significant amount of support, especially at the €11,400 level. If the Euro starts to fall again, that should only turbocharge the move higher.

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About the Author

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.

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