The DAX index edged 0.29% higher to close at 11620 as Eurozone and German PMI data showed improvement. Sino-US trade optimism is fairly muted as investors await for more details on trade progress to influence positive price action. Today there are no major economic data releases, and price action on the DAX may be limited ahead of ECB’S interest rate decision and commentary on monetary policy on Thursday.
The DAX index has managed to hold above the 11540 level whilst treading above the 20-period MA, making way for a retest of the resistance at 11680. A break through the 11680 peak would be needed to resume the uptrend, while a trade below the 11540 level would indicate selling pressure. Meanwhile price should consolidate around the 20-period MA before taking a direction.
Resistance: 11690/ 11860