European shares pause for breath, BoI sinks
LONDON, June 10
LONDON, June 10 (Reuters) - European stocks paused early on Tuesday after a three-day winning streak fuelled by a package of measures from the European Central Bank, with a key regional index seen as overbought on a technical basis.
Bank of Ireland (BoI) slumped 4.6 percent after U.S. billionaire Wilbur Ross sold his stake in the bank, giving him an estimated gain of over 150 percent on the investment he made three years ago.
The stock was the top faller on the pan-European FTSEurofirst 300 index, which was flat at 1,393.11 points at 0704 GMT.
The euro zone's blue-chip Euro STOXX 50 index was also flat, at 3,304.71, having risen for three consecutive days after the European Central Bank unveiled new stimulus measures on Thursday.
The rise left the index in "overbought" territory according to its 14-day Relative Strength Index (RSI) - a momentum indicator - for the first time since October, charts showed.
"On a short-term basis, the momentum could slow down," Philippe Delabarre, an analyst at Trading Central in Paris said. "But this is not going to prevent the continuation of the rise." (Reporting By Francesco Canepa; Editing by Lionel Laurent)