FTSE 100, DAX and Dow rally towards key resistance levels
FTSE 100, DAX and Dow rallies could come under pressure given recent bearish trends.

FTSE 100 rallies into notable resistance zone
The FTSE 100 has been on the rise as a result of recent sterling losses, with the index rising towards a potential trendline resistance.
The creation of lower lows seen this month points towards a possible lower high here, but much will depend of the new prime minister (PM) announcement around midday. A break through 7590 would provide confirmation that this recent pullback is over, with the wider bullish trend coming back into play.

DAX rallies into trendline and Fibonacci confluence
The DAX has been on the rise this week, with the index rallying into a confluence of resistance that encompasses the 76.4% retracement and ascending trendline.
The recent trend of lower highs and lows points towards the possibility of a bearish move from here, yet EUR declines could bring about a bullish breakout. Thus, watch out for a break through this resistance zone and particularly the 1,2465 level to bring about a bullish theme once more. Conversely, the bearish trend does point towards the possibility that the index will start to weaken from here. Watch for a break below 80 on the stochastic to provide a tentative bearish signal.

Dow consolidates within triangle formation
The Dow Jones has been consolidating over the past week, with the price creating lower highs and flat lows to form a descending triangle pattern.
This points towards a potential leg lower before long, with a rally through 27,345 required to bring about a bullish signal for the index. Until that happens, another leg lower remains a distinct possibility over the short term.

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