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DAX 30 Outlook: Upside Exhausted, ECB Key for Next Leg

DAX 30 Outlook: Upside Exhausted, ECB Key for Next Leg

Justin McQueen, Strategist

DAX Price Analysis & News

  • DAX | ECB Decision Key for Next Leg
  • DAX Struggling for Direction
  • Eurozone GDP Dismissed as Worst is Still to Come

DAX | ECB Decision Key for Next Leg

Yesterday, the DAX posted its largest intraday gain since April 6th amid hopes of a potential COVID-19 vaccine after Gilead announced positive results for its Remdevisr drug (next trial results to be announced at the end of May). Consequently, this had quelled concerns over the US posting its biggest contraction in growth since the financial crisis.

Throughout the European session, market participants have digested a slew of weak economic reports, most notably the large Q1 GDP contractions across the Eurozone. However, with Q2 expected to show an even larger economic contraction (PMIs pointing to 7.5% contraction), the DAX has taken today’s data in its stride as the index remains flat for the session. Looking ahead, the key focus will be on the ECB meeting, where eyes will be on whether the Lagarde and Co. boost their PEPP program or not.

On the technical front, the DAX failed to fill the early March gap at 11421 and thus we see this as near-term resistance. With the main focus on the ECB, this will be key in determining the next leg for the index. On the downside, support is situated at the 50% Fibonacci retracement at 10900, failure to hold leaves the index vulnerable to a move towards 10200.

DAX Price Chart: Daily Time Frame

DAX 30 Outlook: Upside Exhausted, ECB Key for Next Leg

Source: IG Charts

--- Written by Justin McQueen, Market Analyst

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.