Dax Technical Failure & Euro Support
The DAX resistance point is especially resilient, representing a confluence of the: i) April trendline resistance; ii) Death Cross highlighted by the 55-moving average crossing below the 100-moving average.
These technicals are a concrete reminder of the intermarket dynamics at play in favour of the uptrend in EURUSD, bund yields and the downtrend in DAX-30 and Eurostoxx.
EURUSD seen supported at $1.1050s before regaining $1.15. 10-yr bund yield seen supported at 0.80% before regaining 1.10. Dax-30 unlikely to break below 10K but remains capped at 11,650.
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