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DAX Slides As German Economic Outlook Worsens

The German ZEW Economic Sentiment and German ZEW Current Conditions data released this morning underperformed, the former falling significantly 26.0 points to -6.8 compared to the previous figure of 19.20. The latter falling to 49.8 compared to the expectation of 51.8.

The DAX spot index fell from 10052.46 to a low of 9920.96 this morning, a 1.31% drop. KD indicator crossed over from the level above 80, indicating a downtrend. Downside support at 8 EMA at 9919 on the daily chart, same level as 61.8% Fibonacci retracement post referendum followed by 50 EMA at 9867. Yet on the 4 hourly chart, KD indicator is at a low level around 20, implying a rebound prior to further downturn. Upside significant resistance at 10,000 points followed by yesterday’s intra-day high of 10163.08.


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