DAX 40
NeutralArchived analysis from Sep 9, 2026, 8:53 PM
Key insight
25,535 sandwiched: 50-day MA at 25,200 acts as first defence; ATH at 25,740 caps upside. Break either way resolves the range — watch EUR/USD 1.1629 as a co-pilot signal for export demand.
25,535 holds above the 50-day MA near 25,200 but stalls 200pts below the June all-time high at 25,740 — flat tape with no directional conviction heading into ECB week.
Main risk
EUR/USD strength crushing exporters
EUR/USD at 1.1629, near multi-year highs — every 1% EUR gain cuts DAX EPS ~2% via Volkswagen, BASF, Siemens revenue translation.
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