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FxWirePro: DAX30 downside capped by 200- day MA, good to sell on rallies

Friday, August 11, 2017 9:51 AM UTC

DAX30 is showing continuous selling after making a high of 12956 on Jun 20th 2017 and has broken major psychological level of 12000.It is currently trading around 11947.
The index minor trend reversal can be seen only above 12340 (89- day EMA) and any convincing break above will take the DAX to 12445 (100- day MA)/12574 (61.8% retracement of 12956 and 11936).
On the lower side, any close below 11900 (200- day MA) confirms bearish continuation, a decline till 11849/11719 (Feb 24th 2017 low)/11422.

It is good to sell on rallies around 12100-150 with SL around 12340 for the TP of 11840/11720.

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FxWirePro: DAX30 downside capped by 200- day MA, good to sell on rallies

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