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Bearish Channel In DAX

German30 (DAX) Slips to Hit +80 Pips Target – What’s Next?

Posted Tuesday, May 29, 2018 by
Arslan Butt • 1 min read

The uncertainty in the Eurozone is played well in our favour as our forex trading signals managed to close more than 250 pips in DAX and CAC. The European indices continue to be very noisy and it’s an incredible opportunity to encash the price action. Where do we go next?

The DAX was facing a significant amount of resistance near the 12,850 level and below this, the market was expected to dip. Therefore, we open a forex trading signal to sell the German index below 12,855 to target 12,775. Did you miss this trade? Well, don’t worry we got more tradings in the pipeline.

DAX - 4 Hour Chart

DAX – 4 Hour Chart

Investors don’t like uncertainty and the situation in the eurozone is a bit uncertain from a political point of view. Investors are fearing a possibility of fresh elections. Thus, investors are selling off stocks sharply.

For the moment, the German30 can face a strong support near 12,680 along with a resistance at 12,850. It will be risky to enter a fresh position especially when our trading signal is already closed.

Support     Resistance
12827.63      13135.13
12732.64      13230.12
12578.89      13383.87
Key Trading Level: 12981.38

German30 (DAX) – Trading Plan

I will be looking to buy DAX above the support level of 12630. I know the support is at 12680 but the DAX often eats 50 pips in the process of stopping at support and taking a reversal. Let’s monitor 12630 now. Good luck!

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