The German index has been recovering since its October multi-month lows and got off to a strong 2023 start, on optimism around the European economy. The Euro Area avoided an economic contraction in Q4, according to preliminary data, while the EU Commission raised its forecasts this week, expecting GDP growth of 0.9% this year (from 0.3% previously). 
Focus now shifts to tomorrow's preliminary PMIs, for a fresh gauge of the state of the European and German economies, as well as sentiment surveys, inflation data and more over the following days.
GER30 has been resilient to the aggressive tightening by the European Central Bank and hawkish commentary from policy makers since then. The central bank hiked rates by 0.5% at the start of February and stated its intention for another move of this size next month, with Ms Lagarde not expecting that to be the peak. 
GER30 has 15,739 in its crosshairs, which could open the door to the record highs set a little over a year ago (16,302). However, progress has been slow recently and a slide towards the EMA200 (15,200-15,130) would not be surprising. Daily closes below it could accelerate a correction below 15K, but a strong catalyst would likely be needed for that.
Senior Financial Editorial Writer
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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