Fundamentals:

Friday was an interesting day both in political and financial aspects. May – Trump meeting caused a volatility in the markets.

Highlights:

Trump denied he criticized British prime minister after criticizing her ( CNN )
Both countries would not allow Iran to nuclearize
No matter what the Brexit plan is, he finds Theresa May successful.
Trade agreements between U.K and U.S will continue.
Stated that “he will not let the trade between the Eurozone and U.S. continue as it was before”.
It looks like his new “enemy” is the Eurozone Countries. – In other words: Germany –

Technicals:

We see a potential Head and Shoulder pattern forming in the bigger picture. 11.750 support is critical.

The smaller part of the picture is not positive either. DAX ended the week below EMA 50, 100 and 200 on the daily chart. The neckline of the double top has been retested. However, it failed to break and close above. 12540 support is important. Breakout of this support will trigger the bearish price action.

Continue Reading

DAX30-DAILY-CHART

Source: http://chartreaderpro.com/may-trump-meeeting-and-dax-forecast-week-of-july-16-20/

Leave a Reply