The German Index ended the trading session lower yesterday, as investors were taking some profits off the table after the recent bullish move during the last few days. Quarterly national accounts, inflation and unemployment from euro area are due today, headlining a busy day for the European economic news. At 11.55 am UTC+4, Germany's unemployment data is due. The number of unemployed is forecast to decline by 10,000 in July. Also, Eurozone flash inflation and unemployment reports are due at 1.00 pm UTC+4. Economists forecast inflation to remain unchanged at 2% in July. The jobless rate is seen easing to 8.3% in June from 8.4% in May.
From a technical perspective, the German Index retraced back from the resistance at €12,880 level following the bullish breakout move. It is now trading at its support level at €12,780 and the expectations are more trading within the narrow range. The RSI looks mixed to bullish today suggesting upward momentum pressure.
Support: 12780 12640
Resistance: 12880 12900