Today the Central Bank of Europe has left rates unchanged, confirming market expectations. Meanwhile, most European stock indices are down. So, DAX index has weakened by about 0.4%.
Trades remain bullish on the 4-hour chart, the bullish trend. The index remained near recent highs, trading above $ 10,700 before the meeting of the ECB. The price has dropped from weekly highs and fell below 10,700 level in the US session. DAX Index is above the moving averages (50, 100 and 200) on the 4-hour chart. Moving averages are directed upwards. Resistance is located at 10700, Support - to 10520.
MACD remained at the same level, which indicates a strengthening of customer positions. RSI is consolidated in the overbought zone.
DAX forecast for today
DAX may test support 10520. If the price p robet this level, the decline may continue in the area of 10350.
Research Fort Financial Services