The DAX30 index may open on a slightly bullish note today as factory orders from Germany and final Purchasing Managers' survey from the euro area are due, headlining a busy day for the European economic news. Besides economic data, earnings reports are likely to provide some direction to the market. On Monday, the mood was cautious in German markets with investors looking ahead to the midterm elections in the US, and the Federal Reserve's policy statement. The mood is unlikely to be any significantly different today.
Yesterday the index was unable to hold early session gains as the bears took control ending the day below its opening price. Prices are still trading close to the key technical support level 11460 coinciding with the 200-period moving average. The RSI looks bullish suggesting strong upward momentum for the next few hours, although the trend remains clearly bearish, showing an intact downtrend in the short, medium and long-term.
Support: 11460 / 11055
Resistance: 11666 / 11820