DE30 tests the 78.6% retracement for the second time

The German benchmark index has been rising for four trading days in a row.

D1 chart

The DE30 continues to rise this week and has reached the 78.6% retracement of the previous downward impulse. The long-term downtrend remains intact. The earliest signal that could indicate a trend reversal would be a rise above the September high at 13,569 points. 

Source: xStation5

H1 chart

The DE30 began to correct last night and today has approached yesterday's daily low at 13,056 points. This represents the most important support in the short-term. As long as this level is defended, a further rally is possible. A break to the downside could end the upward trend.

Source: xStation5

Maximilian Wienke, CFTe
XTB Germany