Instrument: DE30
Bullish Preference:
A Buy position is envisaged if the price trades above 16065.8 with take profit at 16077.7
Bearish Preference:
A Sell position is envisaged if the price trades below 16043.2 with take profit at 16030.7
Fundamentals:
None
Comment:
Data released earlier Friday showed that the German economy shrank slightly in the third quarter compared with the previous three months, falling 0.1% on the quarter, confirming a first estimate, published in late October.
“After the weak economic development seen in the first half of 2023, the German economy began the second half of the year with a slight drop in performance,” said Ruth Brand, president of the German statistics office.
Recent data has pointed to the possibility of a mild recession in the eurozone’s dominant economy by the end of this year, adding a degree of urgency to the debate over what the European Central Bank does next with its interest rates.
This ECB snapped an unprecedented streak of 10 consecutive rate hikes at its October meeting, holding interest rates unchanged as the policy makers digested incoming economic data.
Analysis: SCRUM Team