Economists are demanding that the European Central Bank (ECB) hand out money to consumers to stimulate the economy on fears that the euro zone is heading for deflation.
Today on the economic calendar we have from Germany the unemployment change in December that is expected to rise from -14K to -6K showing negative implications in consumer spending and the unemployment rate in December is estimated to stay unchanged at 6.6%
Ger30 initially rose but found enough resistance at 9,631 to turn things around and close in the red near the open of the day creating a long-legged doji. The daily support zone [9,366 to 9,491] is holding the Index from further downfall.
Expecting a downward move to a key level at 9,227 on a break below daily support at 9,366 (scenario 1) or a break above the daily support at 9,491 could push the Index back up to a daily resistance at 9,716.
Ger30 is a CFD written over DAX30 futures.