The STOXX Europe 50 Index eyeing key support at 4,229.5

• Next support is currently 40.14 points away at 4,229.5
• Price action fails to breach Fibonacci support at 4,252.56 and bounces 17.08 points upon testing

Tentatively higher from an earlier low of 4,251.29, the STOXX Europe 50 Index is up to 4,269.64 today, adding 5.9 points, or 0.14%, to yesterday's closing price of 4,263.74.

The index has been trending positively for about 2 months. The STOXX Europe 50 Index reached a significant high of 4,408.59 around a month ago but has lost 3.29% since then.

Technical analysis shows that EuroSTOXX is approaching key support, around 40.14 points away from 4,229.5. 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. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. The STOXX Europe 50 Index bounced 17.08 points away from Fibonacci support at 4,252.56. Asset volatility analysis shows that the STOXX Europe 50 Index's upper Bollinger Band® is at 4,418.67 and the lower is 4,249.3.

The current technical outlook indicates the STOXX Europe 50 Index will continue to ebb sideways within tight ranges for the immediate future.

Fundamental indicators – Germany GDP released earlier showed a marked improvement to -0.3 from the preceding data of -0.4, but fell short of the -0.1 figure forecast by a consensus of market analysts.

Meanwhile, mixed performances are seen elsewhere as after ending yesterday's session at 19,100, Hang Seng lost 353.08 points and is trading around 18,747. ASX 200 is down to 7,138.2, losing 75.6 points, after closing at 7,213.8 in the preceding trading session. Having closed the previous session at 12,500, Nasdaq is up 1.72% today to currently trade at around 12,700.

Upcoming fundamentals: Germany Buba Mauderer speech is expected tomorrow at 07:05 UTC.