The DAX has enjoyed a very good recovery from its lows made earlier this month, outperforming many global indices. However, even the flying German index could be due a pullback now that it has reached a major resistance area.
As per the chart, the area between 21970 to 22240 marks a major zone. This area was previously a key support zone which gave way during the height of the tariffs uncertainty, paving the way for a sharp drop.
Now, with Trump changing his tone, we have seen European markets regain much of those losses. But the potential for the trade war to drag on is there, which is why we can't rule out the possibility of a fresh drop from around this area.
If the market does turn lower, then some of the key support levels to watch are drawn on the chart, with the first area for the bulls to defend coming in at around 21,500/50 (shaded in light blue).
By Fawad Razaqzada, market analyst with FOREX.com
As per the chart, the area between 21970 to 22240 marks a major zone. This area was previously a key support zone which gave way during the height of the tariffs uncertainty, paving the way for a sharp drop.
Now, with Trump changing his tone, we have seen European markets regain much of those losses. But the potential for the trade war to drag on is there, which is why we can't rule out the possibility of a fresh drop from around this area.
If the market does turn lower, then some of the key support levels to watch are drawn on the chart, with the first area for the bulls to defend coming in at around 21,500/50 (shaded in light blue).
By Fawad Razaqzada, market analyst with FOREX.com
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