Monday’s session price action went as expected. Bears showed up at the portrayed resistance level in the form of a trend line. Bulls then fought back at the mentioned support but short after bears took control again and dominated the selling pressures till the session close. Both statistics about the gap closure and closing outside of Friday’s range were fulfilled successfully.
- Resistance: 11 293, 11 205
- Support: 11 132
Statistics for today
- The probability of breaking yesterday’s low is 82% (played out already)
- Detailed statistics can be found in the Statistical application
- 16:00 CET – German central bank president Weidmann speaks at the conference in Frankfurt.
Today’s session hypothesis
Today, after the opening, we can expect a bullish power and retest of the resistance and the price of yesterday’s close at 11 205. At this price level, bears could come in who’d take the price below the support at 11 132. Another target for sellers would be a breakout of the low swing at 11 040. If buyers enter around 11 132 and take the price towards 11 293, it is expected the price action would rather slow down and close outside of yesterday’s session.