DAXEUR

According to the PMI data released the other day, the weakness in manufacturing activity in the Eurozone continued. The premium trend in US stock markets also spread to European stock markets and the DAXEUR index gained nearly 2%. During the day, Germany growth and IFO business climate data can be followed for index movements. When we examine the short-term chart of the DAXEUR index technically, we follow 17400 with support from the 20-period exponential moving average. As long as the index moves above the relevant level, positive expectations are at the forefront. In increases, increases can be seen towards 17500 and then 17600. In the alternative scenario, in case of possible suppression under the 17500 resistance, it can be expected that the declines will accelerate with the index falling below the 17300 level for negative expectations. In this case, the 17250 level and then the 89-period average (17070) levels can be followed as support. Support: 17300 – 17070 Resistance: 17500 – 17600