GER 30 Seeks Support On Key Daily Level

Technical analysis of Forex market

The DAX consolidates gains as investors weigh high valuations against the pace of recovery.

On the daily chart, a bullish MA cross is a sign of acceleration in the rally after a six-week-long consolidation.

The index is currently looking for support from the 20-day moving average (15475). Bullish sentiment remains strong as long as buyers hold above this key level. Failing that, 15350 would be the next line of defense.

On the upside, a recovery to 15720 would bring in momentum players for a runaway rally.