July 24th – 29th Trading Levels – DAX & CAC40 (European Indices)
The European indices fell badly over the previous week but unlike the US Indices, these are still struggling to cover the losses. Specifically, the German stock market index, DAX, wasn't able to cover much and is still holding near $12250. Considering this, yesterday, I opened a buy call but had to close it manually gaining only a few green pips.
Zooming out to the daily timeframe, I'm seeing a good potential for sell. We will discuss this setup later, but for now, let's take a look at the weekly trading levels for the DAX (German Index) & CAC (France Index). Additionally, refer to FX leader support and resistance trading strategy article in order to profitably trade below levels.
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DAX – Weekly Trading Levels
Support            Resistance
S1: 12185.17 Â Â Â Â Â Â Â R1: 12555.79
S2: 12670.27 Â Â Â Â Â Â R2: 12670.27
S3: 12855.58 Â Â Â Â Â Â R3: 12855.58
Key Trading Level: 12370.48
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CAC40- Weekly Trading Levels
Support             Resistance           Â
S1: 5103.07 Â Â Â Â Â Â Â R1: 5224.32
S2: 5065.62 Â Â Â Â Â Â R2: 5261.77
S3: 5005 Â Â Â Â Â Â Â Â Â Â Â R3: 5322.40
Key Trading Level: 5163.70
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