The XETRA DAX broke the upward trend and is now forming a bullish continuation pattern. Nevertheless the index is due for a further pullback and so I would watch a break of this flag in every direction. A break to the downside could lead the DAX down to 6850 a break to the upside would indicate prices around the February highs.
The EUROSTOXX 50 broke above its trading channel and also above the highs from 2010. Obviously this level was not sustainable and so it broke back down into the former trading channel. Such false breakouts usually indicate a much stronger move. So watch out. Support should be around 2900 and below that 2750.
