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Daily Technical Round-up: Wall Street and Germany 30 driving all-time highs

Michael Baker, Wednesday, 12 February 2020

Technical Analysis

Wall Street

Pivot: 29,313

Scenario 1: Driving on all-time highs and seeing an attempt to sustain a hold above 29,265/404. Hard to asses the upside form here with only the big 30,000 the major figure insight.

Scenario 2: 29,257 is a short-term support but the main one is around the weekly pivot at 28,933. If this comes under pressure again then its the 50% at 28,848 followed by multiple daily lows at 28,765. 61.8% at 28,686.

Chart: Daily chart shows the action attacking the highs, you have to sense a possible strong reaction if we take out these highs.

12 Dow

EURUSD

Pivot: 1.0910

Scenario 1: EURUSD continues to nose dive and last year's low at 1.0879 is firmly insight. Big 76.8% fib comes in at 1.0815.

Scenario 2: Bulls will want to get this back above 1.0941 and then through 1.0981/.1002. From here it's the 50-day SMA and 31-Jan/1-Feb high at 1.1085/95. 200-day SMA at 1.1118.

Chart: Weekly chart shows how close we are to last year's low. 78.6% fib the next target.

12 EUR

Germany 30

Pivot: 13,611

Scenario 1: Germany 30 drives higher, making brand new all-time highs. Next target is the upper line of the long-term trend channel at 13,719.

Scenario 2: Recent support at 13,600 looks like a building block for further gains. Below here is 13,397/359, if this level comes under pressure once again then we look at the weekly pivot, 38.2% fib and 50-day SMA between 13,341/301. 50% fib at 13,243 and 61.8% fib at 13,159. Major support between 12,949/12,884.

Chart: Daily chart showing the continued push on all-time-highs. Only resistance insight is the long-term daily trend channel. 

12 DAX

Wall Street

Pivot: 29,313

Scenario 1: Driving on all-time highs and seeing an attempt to sustain a hold above 29,265/404. Hard to asses the upside form here with only the big 30,000 the major figure insight.

Scenario 2: 29,257 is a short-term support but the main one is around the weekly pivot at 28,933. If this comes under pressure again then it's the 50% at 28,848 followed by multiple daily lows at 28,765. 61.8% at 28,686.

Chart: Daily chart shows the action attacking the highs, you have to sense a possible strong reaction if we take out these highs.

12 Dow

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