Euro is again the disapointment

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Yesterday’s trading day was likely to have been a big disappointment to most investors.

The recovering euro made the price gains melt away. In the end, the German leading index even slipped into the loss zone. The otherwise strong November was weak this year with a minus of 1.5%. Now market participants hope that things will pick up again in December. Statistically, the DAX was able to gain significantly in the last few weeks of the year. In the past, the gain averaged 1.13%. Before the stock exchange, we see the domestic stock market barometer with 13,023 points hardly changed. The euro against the US dollar is currently up about 0.2% to $ 1.1923.

Dates of the day US: ISM Manufacturing PMI November (4:00 pm)

Technicals

The resistance duel at 13,134 / 13,111 points, consisting of the 23.6% fibonacci level and the 20-day average line, is currently not in passing. Also yesterday, the DAX briefly looked over, at the end of the day, the above-mentioned chart brands could not be beaten on closing price basis.

The mentioned barriers should be cleared out of the way. Only then would the record high of 13,525 points from the beginning of this month be the technical target. If the jump over the resistance bundle, it can go back down quite quickly. The 50-day smoothing line at currently 13,065 points was already below yesterday. Other supports include the psychological mark at 13,000 points, the former record high of 12,951 points and the 38.2% retracement at 12,892 points.

DAX on a daily basis

Source: IG Trading Platform

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