DAX 40

Key insight

25,600 round-number support tested — break below 25,200 (50-day MA) would open a pullback to 24,800; hold above triggers a fresh run at 26,200 ATH.

25,602 holds above the 200-day MA near 24,800 but stalls below the all-time high at 26,200; Friday's -0.52% drift signals indecision ahead of key macro events.

Main risk

EUR/USD strength squeezing exporters

EUR/USD at 1.1484 raises costs for DAX export heavyweights; every 1% EUR gain trims ~2% EPS for autos and industrials.