H1: Retracing into the trend channel caused fall in the shorter term yesterday. Bears pushed down DAX till the 50% retrace of 11172-11671 (31/07/2015 low and 06/08/2015 high) rise. The weekly level of 11500 was broken but in the next hour bulls pushed up the price above the weekly level. Later DAX broke out of the trend channel.
Rise: The weekly level of 11500 proved itself to be a strong support. It was able to hold the price which bounced up. Target price is the 161.8% and 200% retrace of 11644-11467 fall.
Fall: Of course, until DAX do not break the weekly zone of 11660, it can turn down anytime. In this case initial take profit level is the yesterday’s bottom. Later it may fall till the 61.8% retrace of 11172-11671 (31/07/2015 low and 06/08/2015 high) rise. If this zone breaks by a marubozu, DAX may reach the H4 level of 11170.
Rise: The weekly level of 11500 proved itself to be a strong support. It was able to hold the price which bounced up. Target price is the 161.8% and 200% retrace of 11644-11467 fall.
Fall: Of course, until DAX do not break the weekly zone of 11660, it can turn down anytime. In this case initial take profit level is the yesterday’s bottom. Later it may fall till the 61.8% retrace of 11172-11671 (31/07/2015 low and 06/08/2015 high) rise. If this zone breaks by a marubozu, DAX may reach the H4 level of 11170.