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Technical analysts were also upbeat on prospects for the Euro STOXX 50, with the 100-day moving average, now at 2,930 points, acting as a support level. Valerie Gastaldy, head of technical analysis firm Day-By-Day, felt the index could rise to between 3,000 and 3,100 by the end of the year.

"It looks more like what we have been through is a correction rather than a proper reversal of the trend. We're looking to buy that weakness," she said.