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FxWirePro: DAX Daily Outlook
Major resistance - 11827
DAX is trading higher for the day and jumped more than 150 points on account of global market recovery and stimulus from the German government. The German central bank Bundesbank warned a recession and the government is planning for $55 billion stimulus. The index hits intraday high of 11787 and is currently trading around 11769.
German yield jumped more than 10 basis points from low of -0.0710 and spread between US 10 year and bund slightly widened to 226 basis points from 220 basis points.
The near term resistance is around 11827 and any violation above will take the index till 11900/12000.
On the flip side, minor support is around 11600 and any break below will target 11300/11000.
It is good to buy on dips around 11725-730 with SL around 11600 for the TP of 12000.