FX.co ★ DAX in risk off mode, over SVB fallout in the USA.

Black lines- bearish RSI divergence

green line- support trend line

Last week we posted our analysis on the German Dax index pointing out the increased chances of a major reversal. DAX index has now broken below key support trend line and the entire upward move from September 2022 lows is most probably over. The bearish RSI divergence combined with the break below the green trend line increase the chances that a major top is in. DAX is expected to continue lower over the coming sessions. Support is now found at $14,500-$14,600 area and this is also our short-term target level.