Dax daily: 06 Jun 2019

Yesterday’s session started without a gap and after a short correction, buyers really headed upwards to higher levels. Unfortunately, the momentum wasn’t strong enough to reach our target at 12 064. The session was then closed near it’s open at 11 986.

Important zones

  • Resistance: 12 064
  • Support: 11 861

Statistics for today

Macroeconomic releases

  • 13:45 CEST – EUR – Main Refinancing Rate & Monetary Policy Statement
  • 14:30 CEST – ECB Press Conference

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Today’s session hypothesis

Today’s session opened with a gap sized 34 points. This size of gap has approximately 50 – 65% probability for closing, so no strong edge here, yet such a scenario would be nice for this morning. For today, we expect a weaker activity up till the ECB rate decision and the Monetary Policy Statement. The more important though will be Draghi’s presser later on at 2.30pm CEST. The ECB’s bias could influence the rest of today’s price action. On the long side, we still target the 12 064 level. On the short side, our focus is on the support level of 11 861.