Dax daily: 29 Jul 2020
If you take a look at yesterday's price action and our analysis, you will understand how important the S/R level was in relation to the price development and the past price consolidation in the same area. Dax was oscillating there for a few hours in the early morning session, before finally finding its direction. Bears took a lead and broke below the lows of the past two days. The move to the downside is relatively good, however it is not strong enough to classify that as a downtrend.
Important zones
Resistance: 12 882
Support: 12 592
Statistics for today
Detailed statistics in the Statistical Application
Macroeconomic releases
20:00 CEST - Federal Funds Rate + FOMC Statement
20:30 CEST - FOMC Press Conference
Today's session hypothesis
We start the session near yesterday's low. Why do we think we don't feel a strong selling mood? The price is still in the consolidation range of the past few days. This consolidation played its role when Dax bounced from the bottom of the range at 12 736. The volume is distributed relatively well and the low of the session looks quite strong. Sellers, however, have space for further shorts all the way towards 12 592.
Important zones
Resistance: 12 882
Support: 12 592
Statistics for today
Detailed statistics in the Statistical Application
Macroeconomic releases
20:00 CEST - Federal Funds Rate + FOMC Statement
20:30 CEST - FOMC Press Conference
Today's session hypothesis
We start the session near yesterday's low. Why do we think we don't feel a strong selling mood? The price is still in the consolidation range of the past few days. This consolidation played its role when Dax bounced from the bottom of the range at 12 736. The volume is distributed relatively well and the low of the session looks quite strong. Sellers, however, have space for further shorts all the way towards 12 592.
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