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DAX rebounds off 25,875 support, eyeing 26,500 resistance

The analysis points to a short-term impulse wave higher after the index reversed from the 25,875 support zone, 20-day moving average, and the 38.2% Fibonacci retracement area.

Reported · Written up by our desk · FX Futures

DAX index recently reversed upward from a support zone around 25,875, which had previously acted as resistance earlier in July, according to Action Forex.

The same area also aligns with the 20-day moving average and the 38.2% Fibonacci correction of the upward impulse from June, suggesting the move is part of a short-term impulse wave 5 within a larger long-term advance.

With the daily uptrend intact, Action Forex expects DAX to continue higher toward the next round resistance level at 26,500, a level that reversed price earlier in the month.

Latest closeDAX 25,356.84 ▼0.2%

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