The German benchmark index finds short-term support at the 61.8% Fibonacci retracement.
D1 chart
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Open account Try demo Download mobile app Download mobile appThe DE30 is able to recover somewhat from its weekly low reached in the early morning. The index had already broken through the support zone at 15,805 points in pre-market trading. However, the selling pressure should not have come as a surprise given the bearish engulfing that formed yesterday. In addition, the downward trend line, which starts at the all-time high, could not be overcome for the third time in three consecutive days.
Source: xStation5
M30 chart
The lower time frame shows that the buyers were able to defend the 61.8% Fibonacci retracement of the upward movement several times, which began with the previous week's low. This gives hope for a short-term bottom! However, to initiate a new uptrend structure, a breakout above the local high at 15,808 points would be necessary - this is where the recent downward impulse began. The attempt at the first countermovement failed.
Source: xStation5
Maximilian Wienke, CFTe
XTB Germany
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