DAX Sells Off Amid Risk Aversion

The Thanksgiving week was dominated by a cautious mood and thus, a rally in safe havens amid concerns over a new coronavirus variant thwarting the recovery in the world’s economy. Additionally, thin liquidity around the U.S. holiday intensifies the risk-off sentiment.

In short, those who followed the trend at the beginning of the week, profited.

The biggest loser was the DAX which dropped like a stone and broke below all recent support levels. Trading around 15600 earlier this morning, we now see a next lower support zone between 15500 and 15400. With covid cases spiking in Europe, a new bull run above 16000 becomes less likely in the near-term.

We wish everyone a beautiful weekend.

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Long @ 1.1260

Short @ 1.1185


Long @ 1.3335

Short @ 1.3290

DAX® (GER30)

Long @ 15570

Short @ 15460


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