European equities on the backfoot again after the gains yesterday

The CAC 40 has caught a modest bounce after meeting its 50.0 Fib retracement level, with the double-top pattern also completing its reversal in a fall under 7,650 two weeks ago.

The bounce in the past week is a decent one but the index is still down by over 4% in June currently. Here’s a snapshot of how regional indices are faring today:

• Eurostoxx -0.7%
• Germany DAX -1.1%
• France CAC 40 -0.5%
• UK FTSE +0.1%
• Spain IBEX -0.1%
• Italy FTSE MIB -0.1%

The pressure is certainly on as we gear towards the first round of the French elections later this weekend. I’ll brief more on the possible outcomes later in the day.

This article was written by Justin Low at www.forexlive.com.