DAX Could Make An All-Time High, Euro Stoxx 50 Testing Key Resistance Levels| FXMAG.COM

Summary: DAX and Euro Stoxx 50 testing key resistance levels. A close above is likely to push Indices higher 3-4% higher short-term

DAX is testing resistance at 14,654. RSI is back above 60 indicating higher levels are likely. However, there is still divergence but if RSI closes above its falling trendline will indicate DAX is likely to move higher and test key resistance at 14,901.
However, 14,901 is not a strong resistance and if DAX closes above December 20222 peak at 14,676 uptrend has been confirmed both short- and medium-term.

15K is a very psychological level so a close above will give the market the feeling that all crisis talk is over and we are back to the “good old days” of Bull Market. We will most likely see stories about DAX could make an all-time high. But reality can easily return. However, a move above 15K is in the cards and a 1.618 Fibonacci Projection at around 15,222 could be seen before weakness will spread across the market.

For DAX to reverse this uptrend a close below 13,791 is needed. First indication of this scenario to play out could be a break back below 14,149

Source all charts and data: Saxo Group

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Euro Stoxx 50 is at the time of writing above key resistance at around 4,025. If closing above and if RSI is closing above its falling trendline further uptrend should be expected. 4,165 is 0.786 retracement of the entire down trend since 2021 peak. However, a move to 1.618 Fibo Projection of the December correction at around 4,200 seems likely
IF Euro Stoxx fails to close above 4,025 the Index is likely to slide lower. But it needs to close below 3,767 to reverse the uptrend.

Source: Technical Update - European Equities higher. DAX and Euro Stoxx 50 testing key resistance | Saxo Group (home.saxo)

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