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DAX still sandwiched in between technical levels for the time being

On Friday the DAX traded in a range covered by 18,090 and 18,254. The index later closed out the week at 18,163, with a loss of 90 points on the session and it was the second worst performing major European index (-0.50%) behind the CAC 40 (-0.56%) and the FTSE 100 (-0.42%). If you look at a daily chart of the index you will see the price action has been sandwiched between the 100 and 50 day moving averages since breaking below the 50 day on June 13. Those moving averages are in place (as of the close on Friday) at 17,997 (100 day) and 18,344 (50 day). Overall the price action since June 14 looks corrective and not dynamic to the upside and given all the recent news across Europe that would certainly make sense. Overnight the DAX futures appear to have been dragged lower by the price action in the CAC 40, as was the case at various times last week too. The DAX future is just now pricing the opening at around 18,170, but it was above 18,200 earlier today 

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