We still see the Dax
moving higher despite the index failing to breach long term resistance above 13,000 after it's post ECB QE
fuelled surge. There are a significant downside risks in particular fears surrounding a second wave of the coronavirus and the impact
that could have on the Eurozone economy. Therefore, we still hold a long view but we would not want to see the Dax
consolidate below key support at 12,021.