A Tuesday surge higher by the German DAX index after initial weakness down to just prod 11536 support (from 11529), to reject Monday’s failure with a push above resistance at 11830, resuming the short-term bottoming attempt, to switch the bias back higher for Wednesday.
Key for the DAX in the very short-term will be today's release of the EU GDP data. You can see more fundamental details here in the FX Explained MacroWatch.
We see an intermediate-term bear trend.
For Today:
· We see an upside bias for 11833.5/45; break here aims for 11900 and maybe towards 11989.
· But below 11729 opens risk down to 11625/600.
Intermediate-term Outlook - Downside Risks: We see a downside risk for 11423.
· Lower targets would be 11271 and 10859.
· What Changes This? Above 12260 shifts the intermediate-term outlook back to neutral; above 12466 is needed for an intermediate-term bull theme.
