DAX30 Ascending Trend Line at Fibonacci 50.0 Retracement

By Admiral Markets

Source: Admiral Markets MT5 with MT5SE Add-on

US retail sales overnight exceeded expectations, and in particular car sales were higher in the US, which is good news for Dax30 car exporters. European Equities have been a little bit under pressure as the EUR continues to gain strength, making their exports more expensive. Monthly trend is still intact, with the price still finding support to the upside, and therefore we might expect some support at the POC zone. US Equities continue to climb, and with the positive correlation than should improve the Dax30 chances to continue higher. Be mindful of the POC zone especially W L3 – 50% Fib at 12325-79 zone. If the price spikes 12550 and 12633 are targets. Only a clear 4h close above 12633 should target 12800.

W L3 – Weekly Camarilla Pivot (Weekly Interim Support)

W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)

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W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)

M H4 – Monthly Camarilla Pivot (Very Strong Monthly Resistance)

M L3 – Monthly Camarilla Pivot (Monthly Support)

M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)

POC – Point Of Confluence (The zone where we expect price to react aka entry zone)

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Article by Admiral Markets

Source: DAX30 Ascending Trend Line at Fibonacci 50.0 Retracement

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