FTSE 100, DAX and Dow sharply regain ground

​FTSE 100, DAX and Dow head towards key resistance amid overnight recovery.

FTSE 100 rebounds from key support

The FTSE 100 has managed to find some support amid a decline in the pound overnight.

The rise from 7132 support ensures we do not see a new lower low, and thus the key thing to watch is whether we break through the 7256 resistance level or not. Should that occur, watch for further upside as the index completes a double bottom.

DAX rising through Fibonacci resistance after sharp rebound

The DAX has recovered much of the downside seen at the beginning of the week, with the index now rising back into the 76.4% Fibonacci retracement level.

This does point towards a potential bearish turn from here, yet it is worthwhile noting that a break through 13,185 could bring about an end to the recent downward trajectory and bring a more bullish outlook once again.

Dow Jones rises into trendline resistance

The Dow Jones has also managed to gain ground overnight, with the index moving back into trendline resistance after initial downside on Monday and Tuesday.

A break through trendline and horizontal (28,036) resistance would bring about the wider bullish trend once more following a recent pullback.

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