DAX 40

Key insight

25,500 lost intraday — next firm support is the 50-day MA near 25,100; holding that level is decisive for whether the July breakout structure remains intact into next week.

Falls 1.2% to 25,435 — breaching the 25,500 round-number support as broad European selling hits DAX, FTSE, and CAC equally hard on a risk-off Friday session.

Main risk

EUR/USD at 1.1466 — export headwind

EUR/USD holds above 1.14; every 1-cent EUR rise trims ~0.5% from DAX exporters' earnings, squeezing Volkswagen, BASF, Siemens margins.