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The DAX could be at (or near) a swing low

Index futures held their ground overnight, and the US dollar's rally is showing signs of near-term exhaustion. And that indicates a subtle change in sentiment ahead of today's open.

The DAX found support at its 50day EMA on Wednesday, which is just above the 2021 high. Given a small-ranged bullish hammer formed alongside higher volume suggests a 'change in hands' between sellers to buyers, so we're on guard for a bounce.

Bulls could seek to enter within yesterday's range with a stop beneath the 2021 high and initially target gap resistance around 16,490 - a break above which brings 16,600 into focus for bulls.

However, as we suspect the US dollar is set to extend its gains after a pause in its rally and that equities are yet to make a decent retracement, we're anticipating another leg lower towards the support zone just above 16,000.
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