The French CAC index managed to erase all the daily losses, and it was 0.3% higher at the time of writing, trading at around 6,525 EUR.
The daily candle now looks like an impressive bullish pin bar formation, a reversal pattern pointing to the end of the current decline. However, since the US session is just beginning, the daily candle might not close like this.
If it does, it could mean the short-term downtrend might be over, and the medium-term uptrend might resume.
The initial resistance is spotted at previous lows near 6,570 EUR, where the last bearish trend line is also located. Should the index jump above this selling zone, the short-term bottom could be confirmed.
The medium-term target is now at the 50-day moving average at 6,680 EUR.
Alternatively, if the US session continues in the selling process, the support might be at 6,480 EUR, followed by today's lows near 6,410 EUR.
