DAX dropped overnight and found support at our 50% Fibonacci retracement. Price is now above the pivot where we may potentially see a bounce towards the 1st resistance level, in-line with 78.6% Fibonacci retracement , 78.6% Fibonacci extension and descending trendline resistance. If price break from the pivot, we may see it swing towards 1st support, in line with 78.6% Fibonacci retracement and 161.8% Fibonacci extension
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.