GER30 Contained by Poor Data
GER30 - H1
The German index trades with positive undertone, helped by improved broader market sentiment, as investors try to shake-off Covid woes. This can lead to a rise towards its ascending trend-line from November's record highs (currently at around 15,400), but a catalyst will likely be required for larger recovery beyond 15,509.
Although the index has managed to react from its Omicron-fueled plunge two Friday's ago, this correction has been limited, since the new Covid variant continues to cast a big shadow over markets. Furthermore, today's poor data from Germany weigh on it. In particular, Factory Orders for October came in a -6.9% a big miss compared to expectations and prior figure (+1.3%).
As such, the index remains capped by its EMA100 and aforementioned trend-line, which keeps near-term bias to the downside. This can lead to fresh December lows (15,082), but those of October (14,810) appear remote at this stage.
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Nikos Tzabouras
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.
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