The German DAX index rose on Tuesday and was 1 per cent stronger during the EU session, as half of Monday’s losses were already erased, and the index was changing hands near 11,380 EUR.
However, bulls are now facing a trio of important resistances, which was supported a couple of days ago. The zone between 11,420 and 11,500 EUR is not the key resistance and as long as the price remains below this area, the immediate outlook seems bearish.
The next target for bears might be at 11,200 EUR and then it could be at the current cycle lows near 11,100 EUR.
On the other hand, if today’s rally pushes the price above 11,500 EUR, bulls might attack the previous swing highs near 11,650 EUR.
Sentiment seems negative after Monday’s slump and thus bears may prevail in the near-term.
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