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The German index as you can see broke down significantly during the week, slicing through the €12,500 level. That’s a very negative sign, but we are approaching what could be thought of as an uptrend line. I also believe that there is a significant amount of support near the €12,000 handle, which is a psychologically significant level as well. If we can stay above there, I would be a bit leery of shorting this market and I believe that most of the selloff has been due to the EUR/USD pair skyrocketing.

DAX Video 03.7.17

This article was originally posted on FX Empire

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