Strong US labor market numbers had the Dax on Friday raised to the plus. The German stock market barometer was 0.3 percent higher at 12,496 points in the weekend. Wall Street closed positive on Friday, with Asian markets also picking up on Monday.
In the afternoon, ECB President Mario Draghi’s speech should take center stage before the Committee on Economic and Monetary Affairs of the European Parliament.
09-07-2018 Dax Technical Analysis Video
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09-07-2018 Dax 60m chart
09-07-2018 Dax 15m chart
09-07-2018 Dax Pivot Levels
Watch out for the two hour opening range high and low.
If the bullish momentum continues today, then the ‘Cam’ levels provide a couple of options for bulls. We can wait for a break above ‘567 and get long on a pullback or we can wait for a retracement through the gap and down to the ‘460.
09-07-2018 Dax POCs
12507 is the POC from Friday which may provide some support for buyers.
There is a low volume area directly below and the 12460 zone is another value area that may catch price action if we break towards that.