DAX Forex Signal Today 24/03: Bullish Momentum Holds (Chart)

2025-03-24 02:21:53

(MENAFN- Daily Forex) Potential Signal:

I'd be a buyer of this index above the €22,000 level, with a stop loss at the €22,650 level, aiming for a move to the €23,500 level.
At that point, I would move stop loss to break even, and ride a potential breakout to the €24,000 level.

During the trading session on Friday, we have seen a lot of noisy behavior, mainly to the downside in Germany. That being said, by the end of the session we had seen a certain number of buyers jump back into the market to lift things. All things being equal, the market looks as if it is starting to form a bit of a hammer for the session, which only brings in more confidence as far as I can see when it comes to the DAX.

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The technical analysis for this market is still very bullish, despite the fact that we've seen 3 negative days in a row. Ultimately, we can turn around a break above the €23,000 level, it's possible that we could see the DAX continue to go much higher. At the €23,500 level, I think that kicks off the next level higher, giving us a bit of a“FOMO trading” opportunity. I think short-term pullbacks will continue to see a lot of support, at the bottom of the candlestick for the Friday session, and then again at the €22,500 level. Underneath there, then you have the 50 Day EMA which sits just above the crucial €22,000 level. As long as we stay above that barrier, I think we are still very much in a strong uptrend.

The market continues to be bullish, and at this point in time it would not be a huge surprise to see this market go sideways for a little bit, in order to work off some of the excess. Nonetheless, this is a market that I think given enough time will continue to go much higher. After all, Germany is exiting a recession, but one of the things that you need to watch is whether or not the interest rates in Germany rising will continue to cause problems for the DAX.

That being said, I remain bullish, and until something significant changes. The market will continue to be very noisy, but at the end of the day, I think we still have plenty of reasons to believe in this index.

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