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CFDs and forex (FX) are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX, or any of our other products work and whether you can afford to take the high risk of losing your money. Losses can exceed deposits on some products.
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Technical Update - EuroStoxx50 and DAX in uptrend but struggling for momentum

Technical Update - EuroStoxx50 and DAX in uptrend but struggling for momentum

Equities 3 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank Group

Summary:  EuroStoxx50/EU50 in uptrend but rejected at key resistance level
DAX/GER40 broken key resistance but sentiment still negative

EuroStoxx50 is being rejected at the resistance at around 4,235 for a second time. A close above is needed for a move to next strong resistance at around 4,326.

RSI is showing positive sentiment indicating likely higher Index levels but if 4,235 proves too strong to close above EuroStoxx50 could slide back below the 55 Moving Average and the falling trendline

A close below 4,133 the down trend will resume

Source all charts and data: Saxo Group

EU50 cfd testing resistance at around 4,234. A close above could lead to a rally to 4,300-4,334

DAX closed last week above key resistance at around 15,280 only to be rejected at the 55 Moving Average. The Index seems to be struggling getting upside momentum with RSI is still showing negative sentiment. A close above the 60 threshold will confirm then uptrend that is under development.

Strong resistance at around 15,575 where the 100 and 200 Moving Averages are coming down adding to the resistance strength.
A close below 15,152 the downtrend will confirm

GER40 cfd. Did close above 15,04 resistance only to be rejected at 55 Moving Average.
Resistance at around 15,572 and 16K.
A close below 15,151 down trend will resume. First indication of this scenario to play out would be a close below the upper falling trendline

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