Technical analysis - DAX price action subdued as euro sees significant pullback.


Price activity on the DAX has been rather subdued since my last post, however Non Farm Payroll data is due out at 1:30 which could certainly change that dynamic.


As we can see by the chart prices found support at the 10103 level and have made a rather tepid recovery.  Albeit for the quiet market action a point to note is, for the time being, how price has held that support zone and that we are still above the 21,63 and 200 day simple moving average, which could be suggestive of a continuation of higher prices. All being said the market will still face significant resistance at the 10400/10480 zone where previous swings highs and trend resistance reside.


We witnessed a significant pull back from the 61.8% Fibonacci retracement level of the brexit move since my last post, with price getting as low as 1.1111 from 1.1233. The initial support found by EURUSD coincides with a set of previous swing highs in early July.


At present price activity is quite subdued awaiting the Non Farm Payrolls figures at 1:30 which could certainly shift market sentiment in any direction. Should prices continue to fall short term support  could be found  at 1.1108 any further extension of this could see a test of 1.1061 the 61.8% retracement of the recent rally. However should the market rally resistance could be found at 1.1235, the previous high, and any extension f this could see trend resistance at 1.1263.

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