DAX 40

Key insight

25,679 consolidates just below the 26,000 round-number ceiling; a daily close above flips that level to support and opens 27,000. ECB easing cycle and EUR/USD stable at 1.1461 limit export headwinds.

25,679 holds above the 200-day MA near 23,800 and prior ATH resistance turned support at 24,500 — broad risk-on across S&P (+0.6%) and Gold (+0.5%) backs further upside.

Main risk

Oil at $98 — energy cost spike risk

98.3/bbl pressures German industrial margins; a break above $100 would hit DAX industrials and chemicals hard, capping the rally.