DAXEUR

Due to global growth concerns and weak data from Europe, the DAX index is experiencing significant selling pressure this week. Technically, the index has broken below the important pivot level at 23750.22, continuing its decline towards lower support levels and painting a weak picture. The sensitivity of the export-driven German economy to signals of global slowdown creates the main pressure on the index, while if the decline continues, the level of 23337.87 can be monitored as the next support.