Bullish momentum leaves the STOXX Europe 50 Index flirting with resistance at 4,277.38

• Price action oscillating around key resistance at 4,277.38
• Upper Bollinger Band® currently at 4,312.26

Signs of life: 10 days of level trading might be coming to an end with a gain of 1.61% today Yesterday's session shows improvement: the STOXX Europe 50 Index went up to 4,265.51 yesterday, gaining 0.17%.

The index has been trending positively for about a month. The STOXX Europe 50 Index has managed to gain 9.68% so far this year despite trading at lows around 3,279 previously.

EuroSTOXX is 11.87 points away from testing key resistance at 4,277.38. Peaking above this level could inspire market bulls and open the path to further gains. Despite posting gains on yesterday, the STOXX Europe 50 Index slid below its 5 day Simple Moving Average at 4,268 during the last session — an early indicator that a negative trend could be emerging. The STOXX Europe 50 Index's upper Bollinger Band® is at 4,312.26, this is a slight indication of a slowdown.

Overall, looking at the technical analysis landscape, it seems the STOXX Europe 50 Index is likely to reverse course and start pointing down in the short term.

Fundamental indicators – Germany GDP published today at 06:00 UTC came out at -0.4, falling short of the -0.2 projections and continuing its decline from the previous 0.5 figure.

The STOXX Europe 50 Index shows positive signs, other assets are also on par: Nikkei went up by 1.29% yesterday, and closed at 27,453.

Meanwhile, after ending yesterday's session at 20,351, Hang Seng lost 351.35 points and is trading around 20,000. KOSPI Composite Index lost 0.63% yesterday and closed at 2,439.

Upcoming fundamentals: Euro Zone CFTC EUR speculative net positions is expected today at 20:30 UTC.