German DAX Breaks Support

The current movements of the German DAX index are witnessing a bearish tendency after it succeeded in breaching the support level of 14,700, which has now been converted into a resistance level.

On the technical side, today we find the 50-day moving average is pressing the price from the top, and this comes in conjunction with the RSI gaining bearish momentum on short time frames.

Thus, the bearish bias is likely today, targeting 14,570 the first target, bearing in mind that breaking the aforementioned level extends the pair’s losses so that the way is directly open towards 14,520.

Activating the suggested bearish scenario requires the index to remain below 14,700.

Note: the risk level may be raised today.

S1: 14570	R1: 14720
S2: 14520	R2: 17770
S3: 13740	R3: 14810