Technical Update - DAX/GER40 and EuroStoxx50/EU50 down trends likely to resume Technical Update - DAX/GER40 and EuroStoxx50/EU50 down trends likely to resume Technical Update - DAX/GER40 and EuroStoxx50/EU50 down trends likely to resume

Technical Update - DAX/GER40 and EuroStoxx50/EU50 down trends likely to resume

Equities 2 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Main EU Indices likely to resume downtrend after correction
DAX/GER40 rejected at key resistance
EuroStoxx50 forming top and reversal pattern

DAX has failed to close above upper falling trendline and is being rejected at the strong resistance at around 15,280

DAX is likely to test support at area 14,979-14,933. A close below is likely to fuel a sell-off down to 14,500 level.

For DAX to establish an uptrend a close above 15,280 is needed. An uptrend that could be quite limited with strong resistance at around 15,575

Source all charts and data: Saxo Group

GER40 cfd. Running out of steam below resistance at around 15,300. Likely to resume downtrend. A close below 14,936 is likely to accelerate selling to lower levels to 14,500 possibly lower

A close above 15,304 upside potential to 15,516 

EuroStoxx50 is being rejected at the 0.382 retracement at around 4,184 just below the 4,200. RSI has failed to close above 60 threshold thus still in negative sentiment. The past three days of trading have formed a Doji Evening like top and reversal pattern (circled) meaning down trend could resume.

Currently testing the falling trendline and a close back below could fuel further selling.

A close above 4,195 is likely to push the Index to next resistance at 4,235 where the 100 and 200 daily Moving Average are adding to the resistance.

EU50 cfd Rejected at 4,200.RSI rejected at 60. GER40 likely to resume downtrend. Support at around 4,084.

Strong resistance at 4,218


The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
- Notification on Non-Independent Investment Research (
- Full disclaimer (
- Full disclaimer (

Boulevard Plaza, Tower 1, 30th floor, office 3002
Downtown, P.O. Box 33641 Dubai, UAE

Contact Saxo

Select region


Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

Saxo Bank A/S is licensed by the Danish Financial Supervisory Authority and operates in the UAE under a representative office license issued by the Central bank of the UAE.

The content and material made available on this website and the linked sites are provided by Saxo Bank A/S. It is the sole responsibility of the recipient to ascertain the terms of and comply with any local laws or regulation to which they are subject.

The UAE Representative Office of Saxo Bank A/S markets the Saxo Bank A/S trading platform and the products offered by Saxo Bank A/S.