DE30 bounces off the 38.2% retracement

The bulls started a counter-movement after the initial decline and managed to recover some intraday losses.

M15 chart

On Thursday, the DE30 continues to pull back from its all-time high formed at 15,600 points in the previous day's intraday trading, potentially continuing the corrective move for a third day. However, during the European session, the index recovered to the resistance zone at 15,407 points, so the short-term downtrend could be reversed. Will the bulls show further assertiveness?

Source: xStation5

H4 chart

With today's decline, the DE30 briefly dropped to last Friday's low, which coincides with the 38.2% Fibonacci retracement of the upward impulse that started with the previous week's low. If the index breaks out of the falling trend channel to the upside, the upper boundary of the broad sideways range could be tested again - Monday's breakout had lacked momentum.

Source: xStation5

Maximilian Wienke, CFTe
XTB Germany