FXStreet (Mumbai) – Germany’s benchmark index, the DAX prolongs its downside momentum for the fourth straight session and remains deep in red today mainly dragged by a stronger shared currency across the board following improving price pressures in the Euro zone, which hurts export-oriented stocks.
Currently, the DAX 30 trades -0.40% lower at 11390.50 levels, retreating from 11271.50 fresh four week lows. The DAX trades in red, although recovered partial losses, as rising euro continues to drag exporters’ stocks lower. The shared currency edged higher largely on the back of rallying German bund yields and better than expected EZ inflation figures.
The index is seen trading with a negative market breadth, the advance-decline ratio being 4:26. Commerzbank AG is the top gainer up 1.04, followed by Allianz SE up 0.51%. While Deutsche Lufthansa is down -1.40% on the day, followed by RWE AG which is losing -1.13%.
DAX Technical Levels
The index has an immediate resistance at 11500. Meanwhile, support is seen at 11260 levels and 11100 levels.
(Market News Provided by FXstreet)