One important issue stands to be decided next week. The whole reason for this brisk rally is a hope for ECB to cut rates next week. What if that rate cut does not happen? What if it is all in the price, and traders sell on news? Then I think there is a chance for continuation of the short-term downtrend, and a much lower target to complete the projected move down to 7050, with scaleouts @ 7270 and 7170 on the way there.
|click on chart to enlarge|