We still see the Dax moving higher due to the ECB introducing additional QE as well as a rate cut which could act as a catalyst for the Dax jumping 10 per cent towards all time highs in the coming months. However, in the short term we would want to see the index move above the 12396 resistance level but if the ECB is less dovish than expected tomorow the Dax could easily start moving back down towards below 12000.