GER30 - H1
September and November were the only months of this year, during which GER0 failed to register new all-time highs, but last week, it returned to its usual mode and set new records.
The current week starts with some caution, marginally below these levels (16,087), with the near-term outlook being somewhat unclear, as RSI hovers around the 50 line. GER30 is definitely in the driver's seat and looks poised to break new ground, but may be too early to talk about moves beyond 16,200.
Despite that, the product's prior visit above 16,000 in August, had triggered sellers and had led to a correction lower. Today's indecision creates risk for a breach of the EMA100 (15,970-50) towards 15,900, but a negative turn in sentiment would be needed for a challenge of the 15,780-50 area, below which its ascending aspirations would be questioned.
Past Performance: Past Performance is not an indicator of future results.
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.