DAX (a 4-hour chart)
European stocks traded in the green ahead of Draghi' remarks. The stocks turned positive when Draghi said that the regulator will implement all possible measures if necessary.
DAX kept the rangebound stance unchanged. The price remained between 10700 and 10600 during the Monday's trades. The benchmark softened and tested 10600 in the Asian session and reversed its losses during the European hours. The 100-EMA appears to be a hard barrier to take out. Despite the downward pressure the index bounced any time it touched the moving. The 100-EMA is neutral while the 200-EMA is pointing higher, the 50-EMA crossed the 200-EMA upwards and tested the 100-EMA in the 4 hours chart. The resistance is seen at 10700, the support is at 10600.
MACD decreased which indicates the buyers’ positions weakening. RSI remained within neutral territory.
Sellers struggled hard to push prices lower. Nevertheless the 10600 level is a hard obstacle on their way downwards. If succeeded they will drive DAX to 10500. A bid tone remains intact while the price is above 10600. Buyers will keep attacking 10700.