German stocks are set to open a tad higher on Friday as investors await US GDP data later in the day and the outcome of BoJ policy meeting next week for directional cues. The European Central Bank left interest rates unchanged yesterday as expected, and emphasized that it wouldn't raise interest rates until at least next summer. The index managed to break higher on the news. Finally, on the release front Germany's import prices grew at the fastest pace in more than a year in June, the data that just was just released a couple of hours ago shows Import Price Inflation at 14-Month High.
From a technical perspective, the German Index managed to break above the resistance level at €12,780 and is now targeting the €12,900 level. The RSI looks a tad bullish as well a slight with more room to the upside signaling more upside potential.
Support: 12640 12410
Resistance: 12780 12900