DAX Beginning to Breakdown on Hourly

Russell Shor, CFTe, MFTA FXCM

The below is the hourly chart of the GER30 price. The index was sold down yesterday but has since pulled back. However, price action has now broken through the aqua trendline and the green 5-hour EMA has crossed below the orange 10-hour EMA. Moreover, the RSI has also broken below its upsloping trendline. If the EMAs develop angle and separation, the DAX is likely to be moving further down. We continue to monitor.

Past performance is not an indicator of future results.

CHART SOURCE: FXCM MARKETSCOPE 2.0

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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