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The FxPro Analyst Team

Forex: DAX and Euro 50 Test Major Resistances

The DAX index has rebounded 5.6% since 30th September, and the bullish momentum has been strengthened since 13th October, as markets looked forward to clues of further easing measures from Thursday’s ECB statement.

Yet it is currently trading below the short term major resistance zone between 10750 to 10800, the pressure is heavy at this level.

In addition, the daily Stochastic Oscillator is above 80, and the 4 hourly Stochastic Oscillator is above 70, the price is likely to retrace at this level.

The resistance level is at 10750, followed by 10800 and 10850.
The support line is at 10700, followed by 10650 and 10600.

Keep an eye on the German and the Eurozone Manufacturing and Services PMIs, will be released between 07:30 to 08:00 GMT on Monday 24th, they will likely influence the trend of the DAX index.

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The Euro 50 index has stayed bullish since the Brexit vote in June, it has rallied 16.4% since then.

Yet It is currently trading below the mid-term upside downtrend line resistance, where nears another resistance level at 3100. Be aware of the selling pressure in the range between 3100 and 3070.

The daily Stochastic Oscillator is around 90, and the 4 hourly Stochastic Oscillator is around 80, suggesting a retracement.

The current trading pattern is likely to oscillate in the range between 3050 and 3100.

The resistance level is at 3100, followed by 3120 and 3150.
The support line is at 3070, followed by 3050 and 3030.

Keep an eye on the German and the Eurozone Manufacturing and Services PMIs, will be released between 07:30 to 08:00 GMT on Monday 24th, they will likely influence the trend of the Euro 50 index.

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