The STOXX Europe 50 Index eyeing key support at 4,300.39

• The STOXX Europe 50 Index is eyeing 4,300.39 as its nearest support level
• The STOXX Europe 50 Index made an initial breakout above its 10 day Simple Moving Average at 4,347, a potential indicator of a newly emerging bullish phase.

It's been more of the same this session on the back of 10 days of flat trade, Today's session so far looks to be heading in a similar way — after ending Friday at 4,340.43, the STOXX Europe 50 Index traded in a 4,334 – 4,355.41 range before settling at 4,347.

The index has been trending positively for about a month. 7 months ago, the STOXX Europe 50 Index fell to a low of 3,279 but has since recovered 32.37%.

Trend-focused traders would be interested to note that EuroSTOXX made an initial breakout above its 10 day Simple Moving Average at 4,347, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that the STOXX Europe 50 Index's upper Bollinger Band® is at 4,426, suggesting that a downward move may follow. Chart analysis suggests the STOXX Europe 50 Index is approaching key support, around 46.69 points away from 4,300.39. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

All in all, the technical analysis suggests the STOXX Europe 50 Index has no clear-cut direction.

Fundamental indicators – Industrial Production in Germany fell short of market expectations (-1.3%) with a reading of -3.4%, continuing the decline from the previous figure of 2.1%.

While the STOXX Europe 50 Index is pretty flat so far today, mixed performances are seen elsewhere as FTSE is up 0.98%. ASX 200 rises 0.78% to trade around 7,276.5. Hang Seng climbs 1.24% to trade around 20,300.

Upcoming fundamentals: Euro Zone ECB's Lane speech will be released tomorrow at 08:00 UTC.