DAX 40
BullishArchived analysis from Sep 3, 2026, 1:34 PM
Key insight
26,000 round-number resistance tested intraday — sustained close above opens path to 26,500 all-time extension; Gold +2.2% and USD/JPY -1.9% signal defensive rotation that could cap German exporter momentum.
25,970 holds above the 26,000 psychological zone after a powerful 2026 breakout; EUR/USD at 1.1624 provides modest FX headwind for exporters but broad risk appetite remains firm across S&P 500 and commodities.
Main risk
EUR strength vs USD at 1.1624
EUR/USD at 1.1624 (+0.3%) compresses DAX export earnings; every 5-cent EUR gain historically shaves ~3% off DAX EPS estimates.
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