DAX remains above uptrend line


EU indices were trading slightly lower on Tuesday, but the German DAX managed to stay above the short-term bullish trend line, thus defending the uptrend so far. During the EU session, the DAX was half a percent weaker, trading at around 10,830 EUR.

The mentioned support trend line is currently near 10,730 EUR, and as long as the index remains above this trend line, the short-term outlook seems bullish. The RSI indicator is in the middle of its zone on the two-hour chart, which ain't helping at all, but it also says, further upside is possible. 

However, if the uptrend line is broken, stop losses could be hit, which might drag the index lower, targeting the 10,500 EUR zone. 

Alternatively, if the price continues to rally, the resistance seems to be at yesterday's highs of 11,000 EUR, and if conquered, DAX could revisit the current swing highs near 11,300 EUR.

Sentiment still seems positive as many EU countries are reopening their economies, and central banks are still pumping money into the financial markets. 
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