Recession fears have intensified recently, with oil and gas supply to Europe being a key concern, given its reliance on Russian Energy, despite efforts to become independent. The continent's economic engine, Germany, is particularly vulnerable and last month it had triggered the Alert Level of its Emergency Gas Plan.
Fears of Russian cutting off supply reignited today, as a scheduled 10-day annual maintenance started today on Nord Stream, which carries natural gas from Russia to Germany. 
GER30 managed to avoid losses last week, thanks to the second-half rebound after the new 2022 lows (12,373) and this gives him the opportunity to extend its rebound towards the EMA200 (13,266-12,340).
Daily closes above this level would pause downward bias and could open the door for further appreciation towards 13,818 but that would require significant and sustained improvement in sentiment.
However markets are jittery today and GER30 trades with caution, which keeps it exposed to 12,373, although fresh catalyst will be likely needed for that and sub-12,133 moves.
Senior Market Specialist
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.
With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.