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
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