Eurozone Index Price Analysis & News
Source: Refinitiv
DAX | RSI Hints at Topside Exhaustion
Modest gains for the DAX so far this week as the risk pendulum swings to positive amid the increased optimism that the US and China can reach a consensus on the phase 1 deal. However, upside in the DAX appears to be stalling with the index yet again capped around 13300, therefore with the RSI trending lower, eyes are for a move towards the 13000.
50DMA (12756), 100DMA (12398), 200DMA (12168)
DAX Price Chart: Daily Time Frame (Dec 2017 – Nov 2019)
Source: IG Charts
FTSE 100 | Facing First Significant Test
Following Friday’s notable jump, the FTSE 100 has continued to press for better levels with the index above 7400. However, the FTSE 100 looks to be facing its first significant test on the upside as it eyes the 23.6% Fibonacci retracement at 7440. Prior attempts for a break above have been firmly rejected, as such, the FTSE 100 is vulnerable to a modest pullback with support seen at 7340.
50DMA (7288), 100DMA (7313), 200DMA (7315)
FTSE 100 Price Chart: Daily Timeframe (Dec 18 – Nov 19)
Source: IG Charts
--- Written by Justin McQueen, Market Analyst
To contact Justin, email him at Justin.mcqueen@ig.com
Follow Justin on Twitter @JMcQueenFX
