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Ger30: European locomotive making new long-term highs

European markets closed higher on yesterday session, with stocks in Germany assailed new heights, with the former rallying on fresh stimulus hopes, and the latter capitalizing on an injured euro.

Today on the economic calendar we have from Germany the  in March that is expected to rise from 53.0 to 58.2 showing an optimistic view to the economic activity and health. The Economic Sentiment for the Euro zone is also estimated to rise from 52.7 to 58.2.

Ger30 rose making a new multi-year high and closed near the high of the day, well above the 10-day moving average. The Index rose 6.76% since the start of the month and 24.02% year to date so we may expect a pullback before the next leg up. The impulsive candle from yesterday was accompanied by low volume.

Expecting an upward move to a Fibonacci level at 12,891 on a bounce off a Fibonacci level at 12,014 (scenario 1).

Ger30 is a CFD written over DAX30 futures.