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Valerie Gastaldy, head of Paris-based technical analysis firm Day By Day, reckoned that the index, in July, could hit 2,715, around a peak hit on June 17, or even 2,755, a high at end of January as well as lows on May 23 and 24, but does not expect it to far exceed the latter in the near term.

"Above that level the Euro STOXX has formed a bullish trap," she said, as while it broke and rose above this level through much of May, its advance decelerated from the prior month before descending below the level at the start of June.