And there it is, the Dax is on its way back up past 12k and it now seems fairly likely that we can build higher from here. The positions we entered from Friday and Thursday are looking like they will hit the targets and life is good again.
It is likely deflation in the Euro area has ended in April and the inflation trend is expected to continue to move higher in the coming months. Euro surprises are coming down, US surprises set to head higher which points to lower EURUSD and higher Dax.
My outlook remains bullish.
Support & Resistance
|34 Hour EMA||11842||18|
|200 Day EMA||10584||54|
Friday I had a NASDAQ trade close for target 100 points, see the results here.
These trades are using my generated signals and I am using a particular strategy for every signal I receive.
The 4 hour FXI seems to have pierced the top and I suspect a pullback will occur to allow another opportunity to go long.
The 11574 is still holding as a key level of support on the daily chart and we look to go long from near to there as a high probability setup
12077 is the most recent high to take out to open up the door to 11400 again
Weekly R2 is around 12250, a decent target this week if we take out 12100
Overcooked today, we are already past the R2.
What goes up must come down? Extended way above the vwap. I’d like to reload from 11900-11950