DAX: Greek debt crisis weighs on the mood

The latest downward movement has continued in the recent days. As a result the psychological price level at 11,000 was broken down.

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Source: Bloomberg

Currently the German stock market is testing the Fibonacci retracement (38.2 per cent) at 10,894 and the exponential 200 days moving average (EMA) at 11,823.

The next intersection-support is at 10,535/10,562. These are the simple 200 days moving average (SMA) and another Fibonacci level (61.8 per cent).

Despite the current negative technical situation a successful test of the mentioned exponential 200 days moving average is possible. In this case we see some recovery potential to the Fibonacci retracement at 11,250 and the trend line at 11,454/11,467.

German stock market DAX on daily basis

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Source: IG Charts

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