The German index rallied during the day on Friday, as the oversold condition is starting to correct itself. On top of that, we have started to form a
The German index rallied during the day on Friday, as the oversold condition is starting to correct itself. On top of that, we have started to form a “higher high” on the intraday chart, so that’s a good sign. I think that the buyers are coming in based upon value, and of course the idea that the European Union is strengthening in general. The market has a hard floor at the €12,000 level, so I don’t think will break down below there. There is a gap that formed just above that level, and that should continue to attract a lot of attention as well. I believe that we are going to go looking towards the €12,300 level above.
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.