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DAX recovers after a gap down opening

FXStreet (Mumbai) - The German equity index is slowly inching higher after a gap down open which saw the index hit a low of 9003.80.

Moreover, the Dax is dangerously close to hitting a fresh yearly low, given the concerns of German economic slowdown. The International Monetary Fund (IMF), in its latest round of predictions, slashed its outlook for the third time this year, due to weakness in core Eurozone economies, Japan and some of the emerging markets. The Fund has stated a high possibility of the Eurozone re-entering the recession in the next six months.

No major economic data is due out of the Eurozone today. Hence, the Dax is likely to move cautiously ahead of the US Federal Reserve (Fed) minutes.

Dax technical levels

Dax has a strong support of 9000, below which the index can test the yearly low of 8909. On the flip side, the index can bounce back to 9150 if the resistance level of 9080 is taken out.

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