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The DAX initially tried to rally, but then turned around to fall significantly during the day. We are testing a supportive area, but if we break down below the bottom of the session during the day we could go much lower, perhaps reaching towards the 12,300 level. I think that the market will more than likely continue to show resistance, but if we can break above the 12,500 level, the market should continue to go much higher. A lot of the selloff has been due to the EUR/USD pair rallying significantly, working against the value of the German exports.

DAX Video 03.7.17

This article was originally posted on FX Empire

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