DAX Has Pulled Back To Resistance On H1Timeframe

Russell Shor, CFTe, MFTA FXCM

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

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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