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The reasons were a mix of weaker than expected economic data in the U.S., the never- ending worries about Greece and some disappointing earning figures.
As a result of the last strong price decline we have a look on the weekly chart of the DAX. Currently the German stock market is testing the Fibonacci retracement (23.6 per cent) at 11,440. For the further development a weekly closing price above this level would be important.
Below the mentioned Fibonnacci retracement we see the upward trend line at 11,250. Further supports are the next Fibonacci level at 10,850 and the 40 week exponential moving average (EMA) at 10,595.