German DAX was consolidating on Thursday, being slightly lower ahead of the US session. The index dropped sharply on Tuesday but erased all the losses yesterday with an impressive 2% rally.
Despite the recent volatility, the short-term trend seems unclear, but the medium-term trend remains bullish as no key supports were broken.
The intraday support for today seems to be at around 15,140 EUR, and if not held, we could see a decline toward yesterday’s lows near 14,850 EUR. The key medium-term support is at February highs of 14,180 EUR, and as long as DAX trades above that level, dips are expected to be bought.
Alternatively, the resistance for the US session appears to be at today’s highs of 15,300 EUR, and if bulls push the index above that zone, the attack at the current highs near 15,500 EUR could occur.
The index seems to be ignoring the rising EURUSD pair, which used to be negatively correlated to EU Stocks. Not anymore, since the ECB is printing money like there is no tomorrow, supporting equities.