DAXEUR

The DAXEUR pair started the week under pressure from the negative PMI data in Europe's manufacturing sector. With Germany's pivotal role, the increased pace of contraction in the Eurozone keeps discussions of a rate cut by the European Central Bank alive for the December meeting. Despite the negative data, European stock markets made an optimistic start, and the DAX40 index rose by more than 1.50%. Data from the US economy and statements from Fed officials will continue to be monitored in the markets.

From a technical analysis perspective, the DAXEUR index is hovering near the 19900 support level and is testing the 20000 resistance level. If the index can sustain movements above the 20095 level, the uptrend is expected to continue and reach levels of 20185. The RSI indicator is at the 50 level, presenting a neutral outlook. There was a 0.018% decline compared to the previous day's close, reflecting indecision in the index. If sustained movements are seen below the support levels, the 19800 and 19630 levels may be monitored.