Dax Forecast Today 08/10: Support At Large Figure (Video)
Date
10/8/2024 2:47:50 PM
(MENAFN- Daily Forex)
The DAX has shown itself to be negative during the trading session on Monday, but at this point in time, it looks like the market has seen the 19,000 euros level as important. Therefore, I think you've got a situation where traders will continue to look at this big figure as a potential support region. That was an area that previously had been resistance.
So ultimately, I think you have to look at this through the prism of whether or not market memory comes into play and lifts everything up. With this, I also recognize that you have to see this as a situation where you are trying to take advantage of value in an index that has been extraordinarily bullish.
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The market pulling back from here and breaking down could reach as low as the 50 day EMA closer to the 18,700 region. Ultimately, as long as we stay above the 50 day EMA, this is still technically a very bullish market. I recognize that the DAX is one of the first place that money goes running to when we are talking about the European Union. Therefore, I would look at this through the prism of a situation where traders are trying to take advantage of cheap contracts whenever they can and perhaps try to push the DAX back to the $19,500 level.
I have no interest in shorting this market and I think this is all about trying to find value that you can take advantage of as it has been for some time. Liquidity measures by the ECB should continue to push the market to the upside given enough time anyway so all things being equal, I am bullish of this market due to the fact that Germany is the first place people throw money at when they think about the European Union, and of course it is likely to be a situation where Germany will lead the way as to where we go on the continent.
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