The German index rallied during the week, but found enough trouble at the €12,200 level to turn around. I think eventually we will break out above there
The German index rallied during the week, but found enough trouble at the €12,200 level to turn around. I think eventually we will break out above there though, as we have seen so much bullish momentum. Pullback should offer value that we can take advantage of, and I believe that the €11,800 level should continue to offer massive support underneath, not to mention the psychologically significant 12,000 area. Longer-term, expect this market to go to the 14,000 handle, and then possibly even higher than that. The German DAX has been leading the rest of the European Union higher, and I expect that will continue to be the scenario.
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.
