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S&P 500, DAX and EUR/PLN Analysis. Indices climb higher again.

New day and new highs on the major indices. Its not a big deal I guess, we managed to get used to that. Yesterday, indices got additional boost from the ECB, today, traders have all their hope in NFP. These are the new triggers as we all know about the old ones: basically, unlimited money supply from major central banks all over the globe.

Yesterday, in our analysis we mentioned DAX. The bearish correction ended a little bit faster than we all thought. ECB came with help, not that buyers needed it but nevertheless, it allowed to pump the prices higher. Crucial level for DAX right now is 12555 points and this is a closest support. As long, as the price stays above the short and mid-term sentiments are positive.

SP500 is having a very similar situation. Here, the crucial level is 3130 points but absolutely most important line for the mid-term situation here is the mid-term up trendline connecting higher lows since the middle of May. As long as we stay above, the sentiment is positive.

We will finish with an update on the EURPLN, which found this crucial support on the 4,4. Weekly candle is a hammer, which promotes an upswing but when we will look a bit closer into this formation, we will see an inverse head and shoulder pattern. The price is testing the neckline as we speak. The breakout will give us a proper mid-term buy signal.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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