The cash open today provided a nice bounce from the morning's pre-market lows. At the time of writing, the DAX has rallied through the deivation high (two standard deviations above the developing vwap) and up towards the POC (point of control). You will notice on the hourly chart below that price looks to be reacting to the lower median line parallel, although this may prove temporary.
Price will need to break back through the VAL (value area low) before it can reach the POC again. Also notice how price failed to make any progress above the VAH this morning (value area high).
The economic calendar for today
The German DAX and other European stock markets continued to fall ahead of the market open today with investor focus remaining on global trade, and rising tensions between the United States and Iran, as well as the Tory leadership elections here in the UK. In business news, Apple Inc. disputed the complaint of unfair business practices music streaming service Spotify filled with the European Commission against the tech giant. Telecommunications company BT Group plc reportedly entered exploratory talks with potential buyers of its Spanish business.
Many analysts believed that the German stock market would initially present its weaker side. Investors continue to focus on the approaching peak of the 20 largest developed and emerging markets. At the G20 summit, US President Donald Trump and his Chinese colleague Xi Jinping may want to discuss the trade conflict of their two countries on Saturday. The Iran crisis continues to cause concern amongst stockbrokers. The exchange of blows between the Islamic Republic and the US depresses the mood. Iran sees US sanctions against its spiritual and state leader Ayatollah Ali Khamenei and other leading figures as the end of diplomacy. This will permanently block the diplomatic path