European equities opened higher on Wednesday. The German DAX (DE30) broke above 10000 pts handle this morning and is trading 25% above recent low (8000 pts). Looking on the chart from a technical point of view, one can see that the upward move is supported by the inverse head and shoulders pattern. In case the current sentiment prevails, DE30 may move towards the 38.2% or even 50% Fibonacci retracement. Nevertheless traders should keep in mind, that the main trend remains downward.
DE30 H4 interval. Source: xStation5