Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

DAX broke resistance zone

By: Dmitriy Chernovolov

  • DAX broke resistance zone
  • Next buy target – 10600.00

DAX continues to rise – following the earlier breakout of the resistance zone lying between the round resistance level 10000.00 (which reversed the price multiple times in March, as can be seen from the daily DAX chart below) and the 50% Fibonacci correction of the previous sharp minor impulse wave 1 from last year. The breakout of this resistance zone is likely to accelerate the minor c-wave of the active ABC correction 2 from February.

DAX is likely to rise further to the next buy target at the resistance level 10600.00 (target price for the completion of the active ABC correction 2). Strong support now stands at the recently broken price level 10000.00.

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