Talking Points
- The DAX 30 has recuperated its losses following yesterday’s attacks on Brussels.
- The trend defining level is the March 10 low of 9397, while the next resistance level is the January 13 high of 10,166.
- U.S. New home sales are seen rising by 3.2% MoM according to a Bloomberg news poll, while U.S. Crude Oil Inventories are expected to gain 2.53 million barrels.
The DAX 30 (FXCM: GER30) is trading near levels seen on Monday and has recuperated its losses following yesterday’s attacks on Brussels.
The technical trend is a bullish one since mid-February and the trend defining level is the March 10 low of 9397.
The next resistance level is the January 13 high of 10,166 and on a successful breach to this high, the next high inline, the January 5 high of 10,395, will be exposed.
With the trend being bullish, short-term deviations from it, as seen yesterday when price reached 9762, may be short-term in nature.
For the trend to turn bearish however, price would need to slide below the March 10 low of 9397 and in this scenario price may not find support until it reaches the next low, which here is the February 24 low of 9122.
U.S. New home sales are on deck to and expected to rise by 3.2% MoM according to a Bloomberg news poll. U.S. Crude Oil Inventories are also on tap, and may influence crude oil prices which have tended to affect the global stock markets. An inventory build of 2.53 million barrels is projected in a Bloomberg survey.
Download the DailyFX Analysts' 1Q forecasts for the Dollar, Euro, Pound, Equities and Gold
DAX 30 | FXCM: GER30
Created with Marketscope/Trading Station II; prepared by Alejandro Zambrano
--- Written by Alejandro Zambrano, Market Analyst for DailyFX.com
Contact and follow Alejandro on Twitter: @AlexFX00
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