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Germany ETF Poised for Upside Acceleration in Reaction to the ECB


 

Ahead of tomorrow’s consequential ECB Meeting, and even more consequential Mario Draghi Press Conference, let’s notice that the iShares MSCI Germany (EWG) is trading just beneath its bull-phase high of 32.17, and is perched atop its 5-month bullish congestion zone.

Purely from a technical perspective, the upside breakout from the congestion zone should be in its infancy.

If accurate, this means that a powerful vertical thrust is approaching that will propel EWG towards my optimal target zone of 33.00/30.

Perhaps Mario Draghi will light the fuse for such a move tomorrow morning?

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