ideas SHORT positions below 7650 with 7560 & 7535 in sight.
Alternative scenario: The upside penetration of 7650 will call for 7691 & 7735.
Comment: the RSI is mixed to bearish.
Trend: ST Consolidation; MT Bullish
also
By FXEmpire.com
The DAX had a negative week over the last five sessions, but remains consolidating above the 7600 level. We recently broken out from the 7500 level and we believe that this last two weeks have simply been the market taking a rest before its next move higher. Looking at the charts, there’s nothing to think that this market is going to suddenly reverse, and the recent action has certainly been very bullish, going all the way back to this past summer. On a break above the 7800 level, we think that this is a screening buy and would become aggressively long. We also would be buying a pullback that shows some type of support between 7500 and 7600.
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