GER30 short-term analysis – 11 October 2022
The GER30 daily threatens to fall back into its weak zone, between the lower blue and red bands (green vertical rectangle). Furthermore, the hourly chart shows bearishness with its EMAs and stochastic having crossed negatively (black ellipses). The S1 pivot is acting as short-term support. However, the stochastic is below 20 (blue arrow). The longer it holds this position, the greater the likelihood the support fails.
However, if the stochastic manages to move above 20, the downwards pressure may be waning.
Russell Shor
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.
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