The GER30 index rose to a high of €11,835 in the morning session. It then pared back those gains and is currently trading at €11,670.
13 August 2019, OctaFX – European stocks declined today as investors continued to focus on the ongoing trade tensions between the United States and China. The trade war is happening at a time when global growth is going through systemic weakening.
For example, automobile sales around the world are weakening. The automobile sector is one of the biggest employers in Europe. Other industrial sectors too are going through a challenging period, which has caused stocks to decline. In Germany, France, and the UK, the DAX, CAC, and FTSE declined by 0.21%, 0.40%, and 0.40% respectively.
GER30 index technical analysis
On the hourly chart below, the pair is trading below the short, medium, and long-term moving averages while the RSI remains above the oversold level of 30. With so much negative news, and with US stocks set to open lower, the index could continue moving lower.
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