Key support at 4,341.31 holds firm despite apparent early break
The STOXX Europe 50 Index's upper Bollinger Band® is at 4,393.28 which indicates a further downward move may follow.

Though in the midst of an 11 day uptrend, gaining a total of 2.53%, (118.37 points), Yesterday's session suggests run might be coming to an end — the STOXX Europe 50 Index ended the session around the 4,365 level today, after Wednesday's 11 points decline and close at 4,376.

The index has been trending positively for about 3 months. The STOXX Europe 50 Index hit a significant low of 3,279 around 8 months ago, but has since recovered 33.45%.

EuroSTOXX made an initial break below its 3 day Simple Moving Average at 4,346.67, a possible indication of a forthcoming negative trend. A Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. The STOXX Europe 50 Index's upper Bollinger Band® is at 4,393.28 which indicates a further downward move may follow. Despite this, the STOXX Europe 50 Index reversed direction at 4,341.31 support zone and climbed 23.81 points above it.

Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for the STOXX Europe 50 Index.

Fundamental indicators – Euro Zone Deposit Facility Rate (Jun) came out at 3.5, while a consensus of analysts was expecting 3.5.

Other assets are showing positive performances as notably, Dow Jones rose 1.26% yesterday and closed at 33,979. S&P 500 moves up 1.22% yesterday and closed at 4,372.59. ASX 200 is trading around 7,217.5 after ending yesterday's session at 7,175.3 (up 0.59% today).

Upcoming fundamentals: Euro Zone Consumer Price Index is expected today at 09:00 UTC.