Dax Forecast Today 17/04: DAX Continues To Look (Video)

(MENAFN- Daily Forex)

• As you can see, we went back and forth during the course of the session here on Wednesday, as we are trying to break out, but there are a lot of concerns near the 21,500 euro level as it is a major resistance barrier.
• If we were to break above there, then the 50 day EMA is firmly in the sights of the market.

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Anything above that level really gets this rocking and we are looking towards the 22,500 euro level. That being said, keep in mind that Thursday is an ECB interest rate decision and that will have a major influence on what happens next with the DAX. I probably would wait until after the session just to see how the Germans settle. And keep in mind, it's Good Friday on Friday, so it's possible that this might lead to a Monday trade. We'll just see how people digest things. I do think that short-term pullbacks probably get bought into unless the ECB says something that's so outrageous that everybody panics. The 20,000 euro level and the 200-day EMA both sit underneath and offer support. So, I think you have to be cognizant of this. And I think the downside, at least at this point in time in the short term, is probably somewhat limited because, quite frankly, what could really shock the market at this point? It's been through a lot. I think a lot of people just aren't involved. I know that futures contracts that I follow seem to have a lot less volume on the whole right now than most days. So, a little bit of a pullback could offer an opportunity. I don't really want to short the DAX. The German index was leading the charge higher. I don't know if it will this time or if the Americans will pull it up, but clearly the DAX does look like it at least wants to try to break higher.

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