Germany 30 In Consolidation

Germany 30 price has been sideways for about 34 trading days. We have seen slight breaches above the 12825 resistance however price has failed every time to show the retest and continuation.

Price is being trapped by a small ascending trendline and the 12825 resistance. We have previously seen price show a 38.2% Fibonacci retracement, however, the momentum for price to reach the fibonacci extensions has not been visible.

Price over the last week has come back to the ascending trendline and the 20EMA where price on Friday showed some buying pressure. Price is currently too close to the resistance to be taking a long position, so it would be best to remain patient and await the break and retest of the 12825 resistance or the ascending counter trendline. It is key to not get stuck within a trade in a range so wait for price to break and take a trade accordingly.

Char: DAX D1