German stocks look set to open slightly lower today ahead of the Federal Reserve's latest monetary policy decision due to be announced on Thursday this week. The Fed is expected to leave interest rates unchanged, although the accompanying statement may provide clues about an anticipated rate hike next month. European markets ended Friday's session on a mixed note. The German DAX rose 0.4%. Nothing on the economic calendar is due from Germany today. Eurozone Sentix investor confidence is due later today.
Last Friday, the bears were in full control, moving the market lower throughout the whole session and closing within the previous day's range. Prices failed to decisively move beyond the prior day's trading range. However, the German index is still trading above the 200-period moving average which will provide short-term support going forward. The RSI looks bearish signaling selling pressure ahead.
Support: 11460 / 11055
Resistance: 11666 / 11820