Dax daily: 31 Jul 2020

Congratulations to all traders who went short with us yesterday. Another success to add to our analysis records. Just as we expected, Dax slipped away from the consolidation range and took a prudent southern direction right after the open. The momentum was rapid and the price pierced through two support levels. If you were aiming our target at 12 592, we congratulate you for a lovely 200 points of profit.

Important zones

Resistance: 12 494, 12 592
Support: 12 278, 12 151

Statistics for today

Detailed statistics in the Statistical Application

Macroeconomic releases


Today's session hypothesis

Dax shifted to the new territory after yesterday's sell-off and bounced off the support at 12 278. The disappointing print of German GDP was the movement catalyst and chances are the bearish momentum will prevail. The price is currently in between two S/R zones and might possibly stay there as Friday's session are usually slower. We anticipate the overnight gap to get closed.
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