Source: Economic Events May 25, 2020 - Admiral Markets' Forex Calendar
While the start into the week will probably be a bit slow in Equities given the US bank holiday "Memorial Day" (modified trading hours for Monday, May 25 can be found here), it still makes a lot of sense to give the DAX30 a close look with an eye on the upcoming days.
While the German DAX30 began with massive gains last week, driven by the comments from Fed chairman Powell on CBS' "60 Minutes" and Merkel's and Macron's proposal of a 500 billion EU recovery fund that would offer grants to European Union regions and sectors hit hardest by the coronavirus pandemic, the German index lost some of its bullishness into the last weekly close.
In fact, on H1 a bearish divergence developed in the RSI(14), pointing to at least some diminishing bearish momentum.
Indeed, one could consider this divergence as confirmed after the drop below 11,000 points and now opening further bearish potential as low as 10,500/550 points in the days to come.
If DAX bulls can on the other hand re-capture 11,000 points and the bullish momentum continues over the next days, a break above the April highs around 11,350 points makes a re-test of the SMA(200) around 12,000/050 points a realistic option.
Source: Admiral Markets MT5 with MT5-SE Add-on DAX30 CFD Daily chart (between February 5, 2019, to May 22, 2020). Accessed: May 22, 2020, at 10:00pm GMT - Please note: Past performance is not a reliable indicator of future results, or future performance.
In 2015, the value of the DAX30 CFD increased by 9.56%, in 2016, it increased by 6.87%, in 2017, it increased by 12.51%, in 2018, it fell by 18.26%, in 2019, it increased by 26.44% meaning that after five years, it was up by 34.2%.
Check out Admiral Markets' most competitive conditions on the DAX30 CFD and start trading on the DAX30 CFD with a low 0.8 point spread offering during the main Xetra trading hours!
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