The DAX continued to hold its gains following last week’s losses as it ended flat on Wednesday. ECB President Draghi’s speech did no more than reaffirm markets’ concerns over slowing global growth and weak economic conditions in the Eurozone. Today’s attention will be drawn to German CPI data and price action will be subject to US-China trade headlines as the DAX index is vulnerable to world trade developments .
The DAX index remained directionless as it ended flat at 11419 on Wednesday. Price should continue ranging within the 11480-11380 levels before deciding whether it will overcome the resistance at 11480 or decline below 11380 to target the low at 11270. The RSI is holding above the support trend line and a break well below it would determine whether the DAX could move any higher.