The German index started today's session with declines and in the following hours the sell-off is gaining momentum. Looking at the H4 interval, one can see that sellers attempt to break below the important support level. Index is trading below the neckline of the broad head and shoulders pattern (marked in green) and is also testing the neckline of the smaller formation (outlined in red). If the H4 candle closes at the current level or lower, it may generate a bearish signal according to the classical technical analysis, which may lead to a deeper sell-off. In such a scenario, the nearest support lies at 13,580 pts level and is marked with previous price reactions and 50% Fibonacci retracement of the recent upward move.
DE30 interval H4. Source: xStation5
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