On the DAX daily chart, we can see that the instrument is testing the channel support and a long-term Fibonacci retracement 61.8% level of the latest swing up. This support could lead to a bounce higher into the 11100 level at least. Only a daily close below this level would invalidate the upside swing and would lead to a deeper downside extension and open the space for good risk to reward short trade entries.
Note: Look for the long trade entries with the stop loss below the 10540 level.
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