DAX 40

Key insight

25,645 sits between 25,500 (200-day MA) and 25,800 resistance — a close below 25,500 opens a move to 25,000 round number. EUR/USD -0.7% adds FX drag for export earnings.

Falls 1.86% to 25,645 while S&P 500 gains — divergence signals Europe-specific selling. Break below 25,800 March pivot confirms bears control short-term structure.

Main risk

EUR/USD drop compressing export margins

EUR/USD at 1.1138 (-0.7%) pressures ECB dovish path; DAX exporters face FX translation headwinds if USD strength persists.