The DAX is still testing the 25,000-point area
The DAX has moved back above the psychologically important 25,000-point mark, but the move still looks more like a test than a decisive breakout. After closing at 25,026.80 on Thursday, delayed Friday quotes showed the index trading a little above 25,100, leaving it close to the resistance area that has capped several recent attempts to extend the rally.
That makes the near-term technical picture fairly simple. A sustained break above 25,000 could open the way for another attempt at the record area near 25,500. Another rejection, however, could encourage profit-taking before the quieter summer trading period.
The peace trade is becoming more conditional
The initial relief around a preliminary US-Iran agreement has not disappeared, but it has become more conditional. Recent reports still point to a 60-day negotiation window, yet the tone around follow-up talks has become less clean-cut, with Iranian officials approving the framework while stressing reservations and the US side facing fresh uncertainty over the next diplomatic steps.
That leaves markets in a familiar middle ground. Investors are not pricing an immediate return to a full regional crisis, but they are also less willing to treat the agreement as a finished peace settlement. Brent crude has eased sharply from its earlier crisis highs, but its move back toward the $80 area shows that the geopolitical risk premium has not been fully removed.
