While DAX Is Ending Consolidation, EURUSD Is Nearing Support

Hello traders and investors!

Today we will talk about DAX and its positive correlation with EURUSD , as we see them approaching some interesting support levels.

Since March 2020, we can see DAX and EURUSD moving together most of the time, the only difference is that stocks are much stronger, however, as soon as we see stocks slowing down, even EURUSD comes lower.

What we currently see is that DAX is still in sideways consolidation and this is why EURUSD is coming down, but once DAX completes its corrective pattern within wave IV and starts rising into a wave V, then we can expect EURUSD to stabilize again, so be aware of limited downside for the EURUSD here around 1.11 - 1.10 area.

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