DAX30 has recovered after showing a minor decline till 11387 level. Markets are eagerly awaiting outcome of US-China trade talks.The deadline for US to impose higher tariffs on China is Mar 1st.German IFO business climate index came at 98.5 compared to forecast of 99 an current economic assessment also misses estimates and it came at 103.4 compared to estimate of 103.9. The index recovered sharply more than 600 points from low of 10862 made on Feb 8th 2019 almost 2 weeks. It is currently trading around 11438.
Technically the index has taken support near 11385-390 (resistance turned into support) and jumped till 11464. The near term support is around 11485 and any violation above will take the index to next level till 11580/11684 is possible.
On the lower side near term support is around 11337 (23.6% fib) and any break below will drag the index down till 11215-11237 (300- 4H EMA and 55-4H EMA)/11000
It is good to buy on dips around 11360-65 with SL around 11250 for the TP of 11580/11685.
