German DAX Finds Selling Pressure

The German DAX index is trading with clear negativity after the resistance level of 15,690 formed a substantial obstacle that forced it to trade negatively and is now hovering around its lowest level during the session at 15,560.

On the technical side, the negative pressure coming from the simple moving averages coincides with the clear negative signs on the RSI and its stability below the 50 mid-line.

Therefore, the bearish bias is likely today, targeting 15,520 first target, knowing that trading below the mentioned level extends the index’s losses, opening the door to 15,470.

It is better to overshoot the upside and rise again above 15,660 to negate the activation of the suggested scenario. We are witnessing a temporary bullish bias that targets a retest of 15740.

Note: the level of risk is high

S1: 15520	R1: 15660
S2:  15470	R2: 15745
S3: 15380	R3: 15795