Technical outlook and chart setups:
The DAX has retraced to Fibonacci 0.618 levels and reversed from the level of 10,863 on October 26, 2015. A drop from recent highs seems to be corrective in nature and another test cannot be ruled out. But looking at the overall structure, the next big move should be done towards 8400. It is hence recommended to initiate 50% short positions remaining around 11,250 with risk at 11,350. Immediate support is seen at 10.200 followed by 9,900 and lower, while resistance is seen at 10,900 (interim) followed by 11,115 and higher.
Initiate 50% short positions remaining around 11,250, with stop at 11,350 and a target is open.
The material has been provided by InstaForex Company – www.instaforex.com