The index has fallen below the 20 & 50-day moving averages. Raising the likelihood for a retracement towards the 200MA

The Dax seems like it's continuing its sell-off since Friday, falling below the 20 & 50-day moving averages on the 1 hourly timeframe. Currently, the German index is trading at around 17,058. It is now more likely that we could see a retracement towards the 200MA over the next 12-18 hours. Support along the 200MA reads 16,988, a break and close below it would suggest that downside pressure has increased. In that scenario, we would look at support levels around 16,901 then at 16,921 and then 16,782. Towards the upside, a close above the 50MA could indicate that the uptrend has resumed. With resistance at 17,095 then at 17,109 and then at 17,125. A break above 17,125 would allow traders to eye up the all-time high of 17,197 once again. As the US markets are closed for the day, the volatility around Europe is more muted than usual. Regarding the technical indicators, they are moving towards the bearish bias. MACD and RSI are both negative with the RSI reading 42.