Can DAX and Euro 50 Remain Bullish in the Resistance Zones ?
December 6, 2016 11:40 am
The outcome of the Italian constitutional referendum drove the DAX index down to a low of 10426.60 yesterday, yet it was followed by a sharp reversal, hitting a week high of 10743.25. The intraday volatility was about 316 points, or a 3.04% rebound. Yet the current price is trading around the near term major resistance level at 10700. The short term major resistance zone is between 10700 – 10800, the selling pressure in this range is heavy, the bullish attempt is likely to be restrained here. The Stochastic Oscillator is above 80, suggesting overbought, be aware of a pullback. The resistance level is at 10723, followed by 10750 and 10800. The support line is at 10700, followed by 10650 and 10600. The outcome of the Italian constitutional referendum drove the Euro 50 index down to a low of 2974.20 yesterday, yet it was followed by a sharp reversal, hitting a three week high of 3072.00. The intraday volatility was nearly 100 points, or a 3.3% rebound. Yet the current price is trading around the short term major resistance level at 3070. The long term major resistance zone is between 3070 – 3100, the selling pressure in this range is heavy, the bullish attempt is likely to be restrained here. The Stochastic Oscillator is above 80, suggesting overbought, be aware of a pullback. The resistance level is at 3070, followed by 3080 and 3090. The support line is at 3060, followed by 3050 and 3040. Source: FX Pro Market Snapshot
The outcome of the Italian constitutional referendum drove the DAX index down to a low of 10426.60 yesterday, yet it was followed by a sharp reversal, hitting a week high of 10743.25. The intraday volatility was about 316 points, or a 3.04% rebound. Yet the current price is trading around the near term major resistance level at 10700. The short term major resistance zone is between 10700 – 10800, the selling pressure in this range is heavy, the bullish attempt is likely to be restrained here. The Stochastic Oscillator is above 80, suggesting overbought, be aware of a pullback. The resistance level is at 10723, followed by 10750 and 10800. The support line is at 10700, followed by 10650 and 10600. The outcome of the Italian constitutional referendum drove the Euro 50 index down to a low of 2974.20 yesterday, yet it was followed by a sharp reversal, hitting a three week high of 3072.00. The intraday volatility was nearly 100 points, or a 3.3% rebound. Yet the current price is trading around the short term major resistance level at 3070. The long term major resistance zone is between 3070 – 3100, the selling pressure in this range is heavy, the bullish attempt is likely to be restrained here. The Stochastic Oscillator is above 80, suggesting overbought, be aware of a pullback. The resistance level is at 3070, followed by 3080 and 3090. The support line is at 3060, followed by 3050 and 3040.
Source: FX Pro Market Snapshot
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