9:16 AM · 28 January 2021

🔽 DAX breaks below key support!

German DAX (DE30) started today's session with a strong downward move. The index is trade 1.6% lower just an hour of the European cash session began. Looking at the H4 chart, we can see that the price broke below the key support zone at 13,450 pts, what - according to classic technical analysis - opens the way for a deeper decline. Area marked with green colour on the chart results from previous price reactions and the lower limit of the 1:1 structure. While this level was defended around 7:00 am GMT, a break occurred right after cash open. The next key support to watch can be found at 13,050 points.

DE30 interval H4. Source: xStation5

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