The German index initially fell during the course of the day on Tuesday, but found enough support below to turn things back around at the €10,500 level
The German index initially fell during the course of the day on Tuesday, but found enough support below to turn things back around at the €10,500 level and form a hammer. The hammer of course is a very significantly bullish sign, and a break above the top of that range should send this market looking for the 11,000 handle. Ultimately, we think that the market gets above that area, but it could be a bit of a fight in the meantime. Regardless, we believe that the upside is still the only way to trade this market and therefore we have no interest in selling.
DAX Forecast November 11, 2015, Technical Analysis
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.