On our market watch is the DAX. The DAX is widely considered as an indicator of the health of the German and European economy. As other stock indices, it is strongly correlated with the stock markets across the world and could be a good indicator of a risk off market environment. Recently the instrument was in the uptrend until last week when it hit the top and made a large bullish shadow candle as can be seen on the weekly chart.
Overall positioning is bearish and near-term leg lower could be continuing. Today daily close will give us the good opportunity for selling with a little risk.
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