Like other European stock markets, the DAX30 closed last week on a positive note. Germany has expressed its intentions to do everything to preserve the unity of the euro area in direct line with Mario Draghi's statements. Above all, the country is trying to reassure investors about an economic slowdown that seems to spread to the European main driver. Indeed, the latest statistics show some signs of decelerating growth in Germany.

Last month, the country reported a slowdown of its manufacturing activity for the 6th consecutive month (43.5 vs. 45 the previous month). This morning, retail sales for July came out down 0.1% while investors expected an increase. The number of unemployed also grew for the fourth consecutive month with an increase of 7,000 job seekers in July. The unemployment rate remains stable at 6,8%, supporting consumer spending. However, these figures show increasing signs of slowdown in Germany.

Investors will pay close attention to the ECB press conference on Thursday. They are waiting for Mario Draghi to put into practice his intentions to do everything to save the euro area. The President of the ECB increases the interviews. One of them must take place this week with the President of the Bundesbank who is very reluctant to buy sovereign debts. The challenge is to stop as quickly as possible the European crisis to avoid a too strong contagion to the largest economy in the euro area.

Technically, the DAX did not break above its highs of May or its recent level of July the 20th. Only a break of the 6850 points level would give us a buying signal in order to reach new targets close to 7150 points.