August 7th – 12th Trading Levels – DAX and CAC40 (European Index)
When looking at the DAX & CAC, we need to study the single currency Euro as well. Looking ahead to this week, the fundamental side is lacking in ‘high’ impact news. The focus remains on how the single currency reacted to last week’s reversal, wiping out four days of gains due to the highly optimistic labor market figures.
As a result, the German and French Indices edged higher as the buying was amplified due to weakness in the Euro. This will certainly be a factor worth keeping an eye on in the week ahead. Let's take a look at 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 learn how to trade below levels more profitably.
DAX – Weekly Trading Levels
Support Resistance
S1: 12140.51 R1: 12324.71
S2: 12083.61 R2: 12381.61
S3: 11991.51 R3: 12473.71
Key Trading Level: 12232.61
CAC40- Weekly Trading Levels
Support Resistance
S1: 5114.55 R1: 5219.98
S2: 5081.98 R2: 5252.55
S3: 5029.26 R3: 5305.26
Key Trading Level: 5167.26
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