German Dax tests a key resistance area

Looking at the daily chart below, the index is pressing the 38.2% and some swing highs from March at the 12441 area.  A move above would be more bullish.  The lower EURUSD seems to be helping the tone today.  The EURUSD is testing its 200 hour MA and 50% retracement now at 1.2304-06.  A move below the 1.2300 level will likely keep the run lower going. Justin reported earlier that Citigroup gave a more bullish review of the European stock market (
click here).