DAX30 Index Technical Analysis and Harmonic Overview
Asian shares jumped to a one-week high on Friday as the United States and China returned to the negotiating table to resolve their tariff dispute and on hopes, central banks and governments will do more to avert a global growth slowdown.
Investors were focused on a string of economic releases due over the weekend including China’s official manufacturing survey, which would provide a good gauge of the real impact from the Sino-U.S. trade war.
Indices gain weight as trade tension eases.
The chart is very similar to Dow. The emerging pattern is also the same.
DAX30 is testing the critical resistance intraday. It is trading at 11872 just below MM 8/8 H4. It is above EMA50 SMA100. SMA200 resistance resides in 119530.
The direction is North. Near Term, Bullish Trend would remain as long as the index holds above 11.650.
Bearish Butterfly 1.27 Extension confronts SMA200 at 11.953 – confirmed by MM +1/8.
Germany Retail Sales would be released in 20 min.
EU CPI is the next key data.
If the index breaks above 12000, the next reversal level is 12.170 Butterfly 1.618 extension.
I will update after Germany Retail Sales data.
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DAX30: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility