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The FxPro Analyst Team

Can DAX and Euro 50 Remain Bullish in the Resistance Zones ?

The outcome of the Italian constitutional referendum drove the DAX index down to a low of 10426.60 yesterday, yet it was followed by a sharp reversal, hitting a week high of 10743.25. The intraday volatility was about 316 points, or a 3.04% rebound.

Yet the current price is trading around the near term major resistance level at 10700. The short term major resistance zone is between 10700 – 10800, the selling pressure in this range is heavy, the bullish attempt is likely to be restrained here.

The Stochastic Oscillator is above 80, suggesting overbought, be aware of a pullback.

The resistance level is at 10723, followed by 10750 and 10800.
The support line is at 10700, followed by 10650 and 10600.

germany30-d1

germany30-h4-

The outcome of the Italian constitutional referendum drove the Euro 50 index down to a low of 2974.20 yesterday, yet it was followed by a sharp reversal, hitting a three week high of 3072.00. The intraday volatility was nearly 100 points, or a 3.3% rebound.

Yet the current price is trading around the short term major resistance level at 3070. The long term major resistance zone is between 3070 – 3100, the selling pressure in this range is heavy, the bullish attempt is likely to be restrained here.

The Stochastic Oscillator is above 80, suggesting overbought, be aware of a pullback.

The resistance level is at 3070, followed by 3080 and 3090.
The support line is at 3060, followed by 3050 and 3040.

euro50-d1

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