DAX 40

Key insight

26,000 round-number floor and 200-day MA at 25,800 underpin the trend; break above 26,500 intraday resistance opens a run toward 27,000. CAC -1.5% divergence flags France-specific drag, not a eurozone-wide selloff.

26,349 holds above the 26,000 round-number support and 200-day MA at ~25,800, with the index up ~28% YTD. Narrow +0.11% session gain signals consolidation, not reversal, at all-time-high territory.

Main risk

EUR/USD strength vs. DAX exporters

EUR/USD at 1.1647 compresses export margins for auto and industrial heavyweights; sustained move above 1.18 would hit consensus EPS estimates.