The STOXX Europe 50 Index eyeing key support at 4,378.79

• Next support is currently 14.78 points away at 4,378.79
• Bollinger analysis indicates upper Band® is at 4,447.75

In the midst of a 12 day bullish trend, Yesterday's session put the brakes on the ongoing uptrend — the STOXX Europe 50 Index ended the session around the 4,393.57 level today, after Tuesday's 0.43 points decline and close at 4,394.

The index has been trending positively for about a month. After hitting an important low of 3,279 approximately 6 months ago, the STOXX Europe 50 Index has bounced back 34% since.

EuroSTOXX is currently alternating around 4,378.79 with price action moving above and below this key level throughout the session. The STOXX Europe 50 Index made an initial breakout above its 3 day Simple Moving Average at 4,384, a potential indicator of a newly emerging bullish phase. Despite this, the STOXX Europe 50 Index's upper Bollinger Band® is at 4,447.75, suggesting that a downward move may follow.

Overall, looking at the technical analysis landscape, it seems the STOXX Europe 50 Index might be pointing upward in the short term.

Fundamental indicators – Euro Zone Consumer Price Index released yesterday at 09:00 UTC with a figure of 6.9%, while the previous figure was 8.5%.

While the STOXX Europe 50 Index was pretty flat yesterday, mixed performances were seen elsewhere as Nikkei rises 0.29% yesterday and closed at 28,600. Dow Jones lost 0.23% yesterday and closed at 33,977.

Upcoming fundamentals: Euro Zone ECB Publishes Account of Monetary Policy Meeting is scheduled for today at 11:30 UTC.