Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
Technical Analyst, Saxo Bank
For DAX to extend the uptrend a close above 13,444 is needed but even if that plays out there is strong resistance ahead around 13,565 and 13,947.
EuroStoxx50 has been rejected at resistance around 3,683 opening today below its steep rising trendline. If Euro Stoxx cannot close the opening gap selling pressure is likely to push the Index to support at 3,518. If Euro Stoxx moves below its 55 SMA next key support is at around 3,420.
For EuroStoxx to extend its short-term uptrend a close above 3,683 is needed for a move to 3,800.