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Facebook Down 0.89% As Germany’s Data Watchdog Turns Up the Heat

The data protection commission in Germany has mandated all government organizations in Germany to close down their FB pages, saying that Facebook had failed to make the changes required for compliance with German and EU privacy laws.

Data Protection Commissioner Ulrich Kelber made this known in a letter sent out earlier in the month and has recommended that government agencies in Germany stop using Facebook, Instagram, Clubhouse and TikTok until the commission completed its inquiry into the handling of user data by these companies.

EU laws mandate that personal data can only be transmitted to another jurisdiction whose privacy laws are equivalent in standard and strictness with those of the EU.

Facebook is also facing scrutiny over its acquisition of a US customer service company known as Kustomer, with EU antitrust regulators set to decide on 2 August if the deal could go on. Facebook’s share price has dipped on the day by 0.89%.

Technical Levels to Watch

Having stopped just short of the 360.00 psychological price level (161.8% Fibonacci extension from the price swing of 26 March to 8 April), Tuesday’s decline touched off the 350.00 psychological support before a short bounce took the price to the 141.4% Fibonacci extension at 352.28. A break of this area retests 360.00, with additional targets at 370.00 and 375.50 (200% Fibonacci extension level).

On the other hand, a decline below 350.00 is required to bring downside targets at 346.65, 335.87 and 331.36 into focus. 315.83 serves as a major pivot, being the neckline of the completed double bottom of 11/19 May. 

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Facebook: Daily Chart

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