Dax daily: 09 Jul 2020
As we thought, the retest and breakout of 12 592 really happened. Since the open, the price took an upward momentum and broke the S/R level for a short period of time. Bears stepped in and corrected the morning push back to 12 494 and proved the significance of both zones. The session was very interesting and the false breakouts could have caused troubles to some trading styles. 12 494 remained supportive and Dax bounced back to the upside, closing almost at 12 592.
Important zones
Resistance: 12 882
Support: 12 592
Statistics for today
Detailed statistics in the Statistical Application
Macroeconomic releases
NIL
Today's session hypothesis
Today's session starts with an ascending breakout and the gap being closed already. We stick to our bullish bias but it's quite possible we'll see a correction towards 12 540, which is the VPOC level of yesterday. Should Dax descend there, we'll understand this as a good entry level for buyers, targeting 12 882. Today's volatility might also be influenced by the Eurogroup meetings throughout the day.
Important zones
Resistance: 12 882
Support: 12 592
Statistics for today
Detailed statistics in the Statistical Application
Macroeconomic releases
NIL
Today's session hypothesis
Today's session starts with an ascending breakout and the gap being closed already. We stick to our bullish bias but it's quite possible we'll see a correction towards 12 540, which is the VPOC level of yesterday. Should Dax descend there, we'll understand this as a good entry level for buyers, targeting 12 882. Today's volatility might also be influenced by the Eurogroup meetings throughout the day.
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