76.4% at 11,302 is important now...
Not the easiest days to trade today once the initial drop to S2 had finished, always that way when you have no clear lines of support and resistance to go on beforehand and the pa jumps about all over the place. Still very much a bearish bias even though we went sideways on the daily chart throughout May. USD is on the slide though, and this correlates to falling indecis overall. As I posted earlier, all the technicals are indicating that 11,000 is a strong target for Dax traders now, though I've got the Daily 100sma coming over the top currently at 11,620, and on any chart, when a big MA comes over the top of the price like this, or curl round beneath it, the price likes to turn back towards it - have a look at the eur/usd Daily chart and you'll see there that as the 100sma curled round beneath the price, it fell sharply back towards it, though it did break it strongly before turning back up again. This means that for the Dax, although the picture is bearish, we could easily see some buying over the next couple of days or so, before, I think, we fall again.
Not the easiest days to trade today once the initial drop to S2 had finished, always that way when you have no clear lines of support and resistance to go on beforehand and the pa jumps about all over the place. Still very much a bearish bias even though we went sideways on the daily chart throughout May. USD is on the slide though, and this correlates to falling indecis overall. As I posted earlier, all the technicals are indicating that 11,000 is a strong target for Dax traders now, though I've got the Daily 100sma coming over the top currently at 11,620, and on any chart, when a big MA comes over the top of the price like this, or curl round beneath it, the price likes to turn back towards it - have a look at the eur/usd Daily chart and you'll see there that as the 100sma curled round beneath the price, it fell sharply back towards it, though it did break it strongly before turning back up again. This means that for the Dax, although the picture is bearish, we could easily see some buying over the next couple of days or so, before, I think, we fall again.