The major European indices are in the week little changed. For the week, there are modest declines.
The provisional closes for today are showing:
German DAX, -0.1%
France's CAC, +0.3%
UK's FTSE, -0.1%
Spain's Ibex, +0.35%
Italy's FTSE MIB, unchanged
For the week, most indices are ending lower:
German DAX, -1.95%
France's CAC, -0.44%
UK's FTSE, -0.63%
Spain's Ibex, -0.40%
Italy's FTSE MIB, +1.1%
Looking at the hourly chart of the German Dax below, the index traded below its 50 hour MA on Monday, below the 100 hour MA (blue line) on Tueday and felll below its 200 hour MA (green line) yesterday. Today, that 200 hour MA was a lid for the brief ralllies.
On the downside, the 38.2% at 12260.52 is the next target.