Gains on EURUSD are clearly disturbing German Bulls. Despite just few days till the end of year and gains in the US we saw decreases on DAX. Beginning of German session was completely different. After first hour DAX was 180 pips higher than on Friday’s close. DAX future tested resistance on 10,800 pts and then drop started. All traders who opened long positons had to escape what inflicted bigger decrease. DAX future ended in red zone despite 2.5% gain in beginning of the session.
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On Monday all German indices lost some value: DAX -1.04%, MDAX -1.31%, SDAX -0.66%, TECDAX -1.03%. 23 out of 30 DAX companies lost some value, the most Linde -2.54%, Fresenius Medical -2.51%, Deutsche Bank -2.47%. 7 companies gained, the most Lufthansa +2.66%, RWE +2.11% and E.ON +1.94%.
S&P500 ended session on daily high what should help German bulls today. Unfortunately EURUSD isn’t helping, price came back above 1.0900 and there are no signs of decreases. When we analyze last week futures we can see that DAX is moving between 10,475 support and 10,800 resistance. Yesterday’s session doesn’t mean anything, we can still count that Christmas will begin with DAX above 10,800 pts.
