GER30 has bounced off of the support around the 15,260 level (green shaded horizontal). Since the beginning of February, it has been threatened seven times. Every time it has been defended.
Overhead resistance is around the 15,500 level (red horizontal). Three times, this level has been tested and held. February was largely about consolidation. After a strong start to the year, the index has moved sideways for the month.
Robust job numbers out of the US and inflation worries continue to act as a headwind for risk markets, including the GER30. Today's candle, which is still to complete, is trading above yesterday's high (blue horizontal line) of 15,447. A close above will be positive and lay the platform for the index's next attack on 15,500.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.