Dax Forecast Today 13/08: Sideways Consolidation (Video)

(MENAFN- Daily Forex)

• The DAX is a market that right now at this point, I think we just don't really have anywhere to be.
• And that does make a lot of sense considering just where we are on the calendar.
• After all, it is August and August tends to be a very difficult market to trade at times, mainly due to the lack of volume.

A lot of these big traders are out there on vacation. They don't really want to be bothered with a lot of trading and drama and stress. They're more worried about places like Rhodes and the Hamptons, Mykonos, those types of destinations. So, it does have a major influence on how markets move. And of course, at this point in time, I think what we're waiting to see also is whether or not we are going to see some type of move as if it were in the markets. And therefore, I believe you have to look at the 24,500 euro level as a major resistance barrier.

On a Move Higher

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And if we can break above there, then I think you have a real shot at going to the 25,000 euro level possibly and more likely further than that. That being said, this is a market that also has a major support level in the form of the 23,500 level that I think continues to be very important. And we do have a 50 day EMA between here and there that comes into the picture as well. So really, I don't think this is a market that you want to get too cute with. You want to wait till you either break out or come back a bit and start buying. I certainly would not be short of the DAX, so it's a“long only” market for me. It's just that you might have to be patient.

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