Dax daily: 20 May 2020

The first trading hour looked very promising and Dax started its way up towards 11 262 but we saw a correction shortly after. Yesterday's price action is better to be classified as corrective. The price went lower towards 11 000 where it traded for most time and eventually closed below.

Important zones

  • Resistance: 11 262
  • Support: 11 000

Statistics for today

Macroeconomic releases

  • 20:00 CEST - FOMC Meeting Minutes

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Today's session hypothesis

Dax opens again above 11 000 and it appears this is a key level for the nearest future. There is a big accumulation of orders hence we consider this level very important now. It could serve as the entry level for buyers, targeting 11 262. This is the scenario we'll be closely monitoring now. On the other hand, yesterday's close gives it up for bearish traders to look below 10 960 and that's why we need to take this thesis into consideration as well.

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