DE30 continues to move higher as major equity benchmarks from the Old Continent are finishing the last trading day of the week higher. The German index broke above the 15,668 pts which coincides with the 127.2% Fibonacci retracement of the downward move form late-May. Also, the index broke above the upper limit of the Overbalance structure where the previous all-time highs from June 1 may be found.
Major stock indices, those from the US in particular, launched an upward impulse following today’s NFP data release. Even though the report turned out to be a slight disappointment, indices spiked as investors might perceive NFP figures as “bad news is good news” in terms of future monetary conditions. As a result, US indices are rallying as well as of writing this text.
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DE30, H1 interval. Source: xStation5
