German DAX index continued to push higher, and it was trading 0.4% stronger during the US session on Thursday, jumping toward the 16,000 EUR level and posting new all-time highs.
The key short-term support now lies at previous record highs at around 15,800 EUR. As long as the index trades above this level, all outlooks remain bullish. Investors should be ready to buy any dips in this area.
However, if the price fails to hold that support, the next demand zone might be at 15,660 EUR, where the 21-day EMA stands at the moment.
From the medium-term perspective, DAX needs to stay beyond 15,400 EUR to defend the immediate uptrend.
The next target for bulls will most likely be at the psychological level of 16,000 EUR, and judging from the recent momentum, we could see DAX above 16k today or tomorrow.
Recently, the EURUSD pair declined somewhat, which propelled the DAX to new highs, while the ECB continues to print money at a record pace, also boosting equity prices.