The DAX (German Stock Index) has broke its previous high in a strong uptrend with high momentum and continued above with great, strong trend. These strong trends have a tendency of testing the strength of buyers, by retracement.
In this trend we would take long trade on the 23.6 Fibonacci Retracement. This level is confirmed by price as it has stopped there for several times.
Source of Analysis:
http://www.forextradingfibo.com/2009/09/12/dax-fibonacci-retracement/
In this trend we would take long trade on the 23.6 Fibonacci Retracement. This level is confirmed by price as it has stopped there for several times.
Source of Analysis:
http://www.forextradingfibo.com/2009/09/12/dax-fibonacci-retracement/
