The DAX gapped higher at the open of the week, and then slammed into the €12,500 level. This is an area that will cause a significant amount of resistance
The DAX gapped higher at the open of the week, and then slammed into the €12,500 level. This is an area that will cause a significant amount of resistance, and therefore I think if we break above that level this market will go much higher. If we do pull back from here I recognize that the hammer from the previous week at the €12,000 level would be massively supportive and therefore I think pullbacks are very healthy and an important part of the move to the upside. Longer-term, I expect the DAX to go much higher.
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.
