DAX Forecast Today - 17/07: Find Buyers On Dips (Chart)

(MENAFN- Daily Forex)

• I that the €18,650 level continues to be a little bit resistant, but the pullback seems to be running out of steam during the early hours on Tuesday.
• By turning around the way we have, it suggests that there are still plenty of buyers underneath, I think that the market is more likely than not going to continue to see a lot of upward pressure.
• After all, the European Central Bank has cut interest rates, and therefore it looks like monetary policy is going to favor risk assets given enough time.

Keep in mind that Germany is without a doubt the main driver of European equities overall, so it Germany does fairly well, that will also lead the rest that European indices higher. This is the first place people put money toward, at least as far as the EU itself. As long as Germany does well, that should help the rest of the indices such as the AMX in Amsterdam, CAC in Paris, MIB in Milan, etc. because of this, it's always important to pay attention to the DAX when trading anything along the lines of equities in Europe.

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Uptrend Continues

The uptrend in this market should continue, as we continue to see a lot of loose monetary policy around the world, and of course Europe will be no different. Furthermore, traders are simply buying based on momentum more than anything else, and we have plenty of that in this market when you look at the longer-term charts. Ultimately, this is a market that's almost impossible to start shorting, and we even have the 50-Day EMA underneath offering support. Furthermore, the uptrend line is in place as well, finally the €18,000 level underneath there offers plenty of support.

If we can break above the €19,000 level, then it opens up the possibility of the DAX going to the €20,000 level which is my longer-term target. With this being the case, I think the DAX will simply follow everybody else and continue to go higher.

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