DAX Has Pulled Back To Resistance On H1Timeframe
The below is the hourly chart of the GER30. Price fell significantly following the drone strike on a key Aramco facility. The strike cut its output in half and removed 5% of world supply out of circulation. Price has now retraced to the S1 pivot, but the level is acting as resistance. We note that the green 5-hour EMA is below the orange 10-hour EMA and that the RSI is below 50 (blue rectangle). These are bearish signals. As long as they are maintained, it will be difficult for the GER30 to make any headway and the risk sentiment is likely to remain averse. We continue to monitor.
Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.