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Ger30: European locomotive is reaching for long-term highs

European markets closed higher on yesterday session, with investors applauding the peace deal between Ukraine and Russia following an escalation of violence in the region this week.

Greece was unable to reach a deal with the European Union to stay in an EU bailout program on Wednesday now talks will resume Monday, but time is running out as Greece’s current bailout program ends on February 28.

Today on the economic calendar we have from Germany the preliminary gross domestic product in 4th quarter that is expected to rise from 0.1% to 03% showing positive implications to the economic activity and health. The preliminary gross domestic product in 4th quarter for the Euro zone is estimated to stay unchanged at 0.2%.

Ger30 rose to the high of the year and closed near the high of the day, well above the 10-day moving average. The Index rose 11.70% since the start of year so we may expect a pullback before the next leg up. The impulsive candle from yesterday was accompanied by low volume.

Expecting a downward move to a daily support at 10,721.5 on a bounce off daily resistance at 10,963 (scenario 1).

Ger30 is a CFD written over DAX30 futures.