theselfishtrader
Short

DAX - Short Opportunity Brewing..?

TVC:DAX   Index of the 30 Major German Companies
Following the Trump press conference the recent breakout higher has failed to hold above resistance.
Price completely retraced and broke through support, starting a new bearish phase on the hourly timeframe.
I am watching for another opportunity to short this index on a pullback. Former support at 11560s has confluence with the 38.2% Fibonacci level.
IF the new trend is a strong one, price may only retest the most recently broken support at 11520s. There is confluence with the 23.6% Fibonacci level.

Target for this trade would be around the 11400 level, where there is also confluence with the 1.414% Fibonacci extension .
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