DAX downside scenario

If we break down below 11,150, we'll likely see 10,786 and below on the DAX. It would likely find some initial support at the next order block and 161% fib extension of the recent upswing.

Given that Greece decided to bundle its payments to the IMF, the uncertainty around this issue may drive this leg down. Until now, Greece had been all about "talk". Now that real action has taken place (i.e. bundling instead of paying mid month installments), the market may become vulnerable.