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MENAFN- Daily Forex)
- In my daily analysis of the European Union indices, the DAX of course stands out because it's the first place that people run to in order to invest in Europe. The market initially pulled back just a bit only to turn around and show bullish pressure.
- This of course is a good sign, and I think a lot of people will continue to look at the DAX favorably.
At this point, it looks like we are trying to do everything we can to break out to the upside. And I do think that given enough time, we probably will. We have been in a massive uptrend for quite some time and therefore, I think anytime we pull back, there will be the possibility of people looking for value. The 19,000 euros level continues to be crucial. And I think you need to look at it through the prism of a potential short term floor. Ultimately, I think this is a market that will continue to find one reason or another for buyers to get long again.
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Underneath, we have the 50 day EMA, somewhere near the 18,800 euro level. That is also rising at a 45 degree angle, and the 45 degree angle will suggest that we should continue to see plenty of momentum.
I have no interest whatsoever in trying to get short of this market, nor do I think it's a market that you necessarily need to take profit in yet despite the fact that we may see a little bit of volatility given enough time I think the liquidity coming out of the ECB should continue to push this market much higher All things being equal the liquidity measures being taken by central banks around the world continue to have people buying Equities and I don't think Germany is going to be any different here. After all, it's the first place money goes to when we are talking about Europe, so therefore I think it makes a certain amount of sense that people will continue to be attracted to it.
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