Dax Rallies into Previous Support Level Forex Stocks indices Markets Trading Wallstreet
has offered support just below, and I think that extends down to the 200-Day EMA, which is a typical support region. Ultimately, a short-term pullback should continue to see buyers in that area get long again. However, if we were to break down below the 200-Day EMA, then it’s possible that the DAX could drop down to the €13,000 level, possibly even down to the €12,500 level which had previously been so important.
However, there may be traders out there looking for the European Central Bank to jump in and loosen everything, so that might be part of what we have seen in this market. After all, traders have been taught to pay close attention to central banks more than anything else over the last 14 years, due to altering easy monetary policy around the world.
The real question now is where we go once all the traders come back. By the end of the week, we should have an idea as to the directionality of this market, so I’m not necessarily in a huge rush to put a position on, but I do recognize that the previously mentioned level should be paid close attention to, as it should open the possibility of momentum in one direction or the other.
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