Dax daily: 09 Oct 2019

After having great success in recent days, yesterday's analysis wasn't that good. Although we saw the price decline towards our mentioned support level at 12 065, Dax hasn't stopped there and continued lower. Following was the breakout of Monday's low which, surprisingly, had a low probability.

Important zones

  • Resistance:  12 214, 12 068
  • Support: trend line

Statistics for today

Macroeconomic releases

  • 20:00 CEST - FOMC Meeting Minutes
  • All-day - Eurogroup meetings

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Today's session hypothesis

For today, we could see an initial short right at the beginning of the session and break Tuesday's low. It is also likely that buyers might appear around the trend line to take the price higher towards the resistance at 12 068 where we could see a bearish correction. We estimate the close in the previous day range. If we don't find buyers around the trend line, the retest of the low swing from 03 Oct is a good alternative.

 

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