The DAX closed 37 points lower at 11911 on Monday as concerns over a second wave of coronavirus infections continued to pressure equities. Late in the session, the Fed offered additional support after it announced it would buy corporate bonds. While US retail sales and ZEW economic sentiment figures from Germany and the Eurozone are due later today, the markets’ reaction to the Fed’s measures is likely to dominate market sentiment as investors await to hear words from Fed Chairman Powell’s testimony. DAX futures are pointing higher as price trades above the 200-day MA near 12130. Look for a sustained move above 12320 to target the 12500 resistance level; otherwise the index may turn lower with a move below 12000 near the 20-period MA required to target the lower support levels at 11750 and 11590.
Support: 12000/ 11750
Resistance: 12320/ 12500
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