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DAX 30 Price Outlook: Breakout on the Horizon, EU Summit in Focus

DAX 30 Price Outlook: Breakout on the Horizon, EU Summit in Focus

Justin McQueen, Analyst

DAX 30 Price Analysis & News

  • DAX Range Holds for Now, Breakout on the Horizon
  • US-Sino Tensions on the Rise Once Again

DAX 30 Range Holds For Now, Breakout on the Horizon

Upside in the DAX had once again struggled at the 12900 vicinity with the index reversing recent gains. However, the index continues to trade within a relatively tight range as the 76.4% Fibonacci retracement at 12447 curbs losses. This week, much of the focus will be on the EU summit with talks over the recovery fund proposal taking centre stage. Although, with expectations of an agreement on the low end, eyes will be on potential progress with regard to getting the frugal four on board.

US-Sino Tensions on the Rise Once Again

Elsewhere, tensions between the US and China continue to linger amid the latest reported that the US has rejected China’s claims to offshore resources in the South China Sea. That said, the DAX appears to be coiling for breakout of its current 12450-12900 range.

DAX 30 Price Chart: Daily Time Frame

DAX 30 Price Outlook: Breakout on the Horizon, EU Summit in Focus

--- 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.

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