During today's session, one can observe a continuation of the upward movement on the European stock market. It seems that investors have digested the recent pullback of Chinese indices and are taking advantage of the strong quarterly results as well as the prospects of a solid economic recovery in Europe to buy stocks. Currently European indices are on course for 10th day of gains.
Looking at the DE30 chart, the index reached a psychological level of 16,000 pts, which coincides with the 127.2% external Fibonacci retracement of the last downward correction. This level is often used as the D point for a Butterfly harmonic pattern. If sellers manage to regain control, then the index may move back towards support at 15,800 pts. On the other hand, if current sentiment prevails then the next target for bulls is located at 16,270 pts which coincides with 161.8% Fibo external retracement.
DE30 interval D1. Source: xStation5
Chinese stocks in panic mode đźš© Alibaba down 50% from all-time high
Chart of the day: Nikkei futures below EMA10 amid growing AI-scepticism 🇯🇵 📉 (26.06.2026)
Morning Wrap: Asia extends Wall Street selloff on expensive hardware (26.06.2026)
Daily summary: Semiconductors are swallowing Wall Street