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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EUR/USD
Long @ 1.1260
Short @ 1.1185
GBP/USD
Long @ 1.3335
Short @ 1.3290
DAX® (GER30)
Long @ 15570
Short @ 15460
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