DAX 40

Key insight

25,338 sits in a tight 25,200–25,500 consolidation range; a confirmed daily close above 25,500 opens 26,000, while a break below 25,200 (50-day MA) would target 24,800 swing support.

Holds 25,300 round-number support after -0.36% session; stalls below the 25,500 near-term resistance as EUR/USD 1.1381 caps export earnings and broad European equities drift lower in sympathy.

Main risk

EUR/USD strength vs. export earnings

EUR/USD at 1.1381 compresses DAX exporters' margins — sustained move above 1.15 would pressure index below 25,200 50-day MA.