The Dax bounced off a new month low yesterday at 11,861.2 with the release of ZEW survey figures for Germany and the Euro zone beating worsening expectations, and previous actuals. German survey result figures registered -10.6 vs an expected of -13.5 and a previous of -13.7, while Euro zone survey results on economic sentiment registered -7.2 vs a previous of -14 and an actual of -11.1. In economic news, we have the EU’s Industrial Production and Employment figures at 9:00 GMT.
The DAX retested our 11895.6 support level 3 times in yesterday's trading session without closing below it, increasing the probability of a follow to that correction in today's trading as RSI trends north of 50 and with the market printing above 12,000.
Support: 11,934.8 11,895.6
Resistance: 12,106.7 12,247.6