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Ger30: A Pullback may be around the corner

European markets closed well in the red on yesterday session, after the U.K showed worse-than-expected figure for gross domestic product (GDP) and a number of Wall Street’s biggest firms missed earnings expectations as a result of the consistently strong dollar.

This week on the economic calendar we have from Germany the unemployment change in January that is expected to fall from -27K to -10K showing positive implications in consumer spending and the unemployment rate in December is estimated to stay unchanged at 6.5%

Ger30 fell but found enough support at 9,631 previous Mondays low but still close in the red on a typically digestion day. The Index rose 9.0% since the start of year so we may expect a pullback before the next leg up.

Expecting a downward move to a key level at 9,227 on a break below daily support at 9,366 (scenario 1) or a break above the daily support at 9,491 could push the Index back up to a daily resistance at 9,716.

Ger30 is a CFD written over DAX30 futures.