Tuesday’s session started with big optimism with EURUSD falling and gains on S&P500 futures. German bulls started with attack and DAX started with 80 pts gap. Unfortunately that was this session’s high and then there were decreases. Normally, with empty macro calendar and lack of decision in the US European indices were helped by EURUSD weakening. This time it was different and we can assume that was because of uncertainty connected with Wednesday’s macro data.
Most European indices ended day with gains: French CAC40 +0.34%, British FTSE100 +0.72%. German DAX only +0.26% despite strong decrease on Monday. Out of DAX companies the most happened on VW. US Department of Justice sued the company because of dieselgate. According to Reuters, Volkswagen may pay as much as 90 B USD. VW lost eventually -3.96%, but decrease was twice bigger during day. The biggest gains on DAX: Fresenius Medical +5.87%, Lufthansa +3.11%, RWE +2.11%.
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On D1 DAX chart we can see nice hammer candle with big volume. Currently further movement is still uncertain and as long as December low is not break there is still possibility of gains. The closest supports on DAX future: 10,120 pts, 10,270 pts. The closest resistances: 10,330 pts, 10,475 pts, 10,650 pts.
