Germany 30 (DE30EUR) Fluctuates Below Level 12400, a Breakdown Likely

Estimated Reading Time: 2 minutes

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Azeez Mustapha

Updated: 13 October 2022

Key Resistance Zones: 13600, 14000, 14400
Key Support Zones: 11200, 10800, 10400

Germany 30 (DE30EUR) Long-term Trends: Bullish
Germany 30 is in an uptrend. The index rose to level 13000 and was resisted. Germany 30 retraced to level 11757 and resumed consolidation. A candle body tested 0.618 Fibonacci retracement level. This indicates that the pair will rise and reach a level 1.618 extension level.

Daily Chart Indicators Reading:
The index is at level 51 of the Relative Strength Index period 14. The market is in the uptrend zone and above the centerline. The SMAs are sloping upward indicating the previous trend. The moving averages have a bullish crossover.

Germany 30 (DE30EUR) Medium-term Trend: Ranging
On the 4- hour chart, the index is in a sideways trend. The index was in an upward move as it reached the high of level 12400. The recent high becomes a resistance as price continues to fluctuate below the resistance. The bulls have failed to break the recent resistance as the market may have a downward move.

4-hour Chart Indicators Reading
The market is currently above 40 % range of the daily stochastic. The market is in a bullish momentum. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.

General Outlook for Germany 30 (DE30EUR)
DE30EUR index is in sideways move in the short term trend. The overall trend is bearish. The pair is likely to fall. The index will reach the low of 10970 if the downtrend resumes.

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