European stocks closed lower, eyes on ECB meeting

By FXStreet FXStreet (Córdoba) – Most European indexes posted losses on Monday, with the DAX down 23 points and ending the day at 9.521.85. It was quite a dull trading session due to the absence of macroeconomic releases, but also as investors may be staying sidelined ahead of the ECB meeting later this week.

While the Central Bank is hardly expected to announce any change in its economic policy, investors are anticipating a dovish tone amid recent disappointing economic data.

DAX technical perspective

“As for the technical picture, the German benchmark retains the long term bearish tone as in the daily chart, the Momentum indicator has extended its bearish slope to fresh lows, while the RSI indicator continues hovering around oversold levels”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the 20 SMA maintains a strong bearish slope above the current level, while the technical indicators lack directional strength near oversold readings, supporting some consolidation before a new leg south”.

Support levels: 9,412 9,319 9,240 Resistance levels: 9,520 9,583 9,660.
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Source:: FX Street