European shares close the day higher (and up on the week too).

Technical Analysis

German Dax bounced off key support at the lows this week

The major European indices are ending the day and the week with solid gains. 

For the day, the:

  • German Dax, +0.74%
  • France’s CAC, +1.6%
  • UK’s FTSE, +1.0%
  • Spain’s Ibex +0.7%
  • Italy’s FTSE MIB, +0.9%

For the week, the indices are also ending with solid gains:

  • German Dax, 2.7%
  • France’s CAC, +3%
  • UK’s FTSE, +2.32%
  • Spain’s Ibex, +2.6%
  • Italy’s FTSE MIB +2.8%

Looking at the German Dax, the index was helped by a favorable bounce off the lows on Monday.  Looking at the daily chart below, the index tested and bounced of the 200 day MA and the 38.2% retracement at the 11612 area.  The 100 day MA (blue line) was also near those levels on Monday as well.  Traders leaned and the index pushed higher.

ForexLive

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