(MENAFN- Daily Forex)

• The German DAX shows renewed bullish momentum after early weakness, with strong support at the 50-day EMA near €24,048.
• The index remains in a consolidating yet upward pattern, with higher lows suggesting potential for a breakout above key resistance levels.

The German DAX initially fell during trading on Friday but turned around to show signs of life again. The market looks to be very bullish overall, as the 50-day EMA sitting just below offers a significant amount of support. The €24,500 level remains an area that many traders will be watching closely, as it has been important for quite some time in this index.

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With that being said, this continues to look like a market where investors are hunting for value. It makes sense that the DAX would remain a major winner overall, as it is often the first place where investors put money when looking to gain exposure to the European Union Technicals at the Moment

That being said, the technical analysis is somewhat flat at the moment, but the 50-day EMA at the €24,048 level provides support. A move below that level could open the possibility of a decline toward €23,600, and then possibly to €23,000, where the 200-day EMA currently resides.

That area marks the bottom of the overall consolidation range the market has been in for some time. However, the lows continue to be higher than previous ones, suggesting a potential breakout ahead. At this point, there is no interest in shorting the DAX, but if the market were to break below the 200-day EMA-around the €23,000 level-it could indicate a possible shift in trend. Until then, the outlook remains positive, though it's acknowledged that there is still considerable noise in the market at the moment, and could continue to be the case in the short term.

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