DE30 launched today’s session 0.80% lower after German producer prices in July saw record increases year-on-year and month-on-month amid soaring energy prices. This heralds further rate hikes in the EU and negatively affects German stocks. DE30 failed to break above major resistance at 13950 pts on Wednesday and launched another downward impulse. Currently the index is testing major support at 13545 pts, which is marked with previous price reactions and 50.0% Fibonacci retracement of the downward correction launched at the beginning of June 2020. Additionally DE30 broke below the lower limit of the 1:1 structure, which is another worrying sign for market bulls.
DE30, H4 interval. Source: xStation5
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