DAX 40

Key insight

25,600 round-number support holding — break above 25,800 prior swing high opens path to 26,000 psychological target; failure below 25,400 flips structure bearish.

25,608 holds above the 25,400 breakout shelf; +0.9% on the day confirms buyers defending last week's all-time high zone with S&P 500 co-bidding at 7,722.

Main risk

EUR/USD slide vs. export earnings

EUR/USD -0.4% to 1.1128 compresses DAX exporters' margins; further USD strength could weigh on Q3 guidance revisions.