After a +22.6% performance since late June 2016, this index has been looking stretched and bound for a consolidation. The long and medium term pictures are still looking positive, a testimony of the general bullish configuration we are still in.
However, the short term (daily) has been consolidating form an overbought condition. Would not put new money to work here on the index. The name of the game is to protect existing European positions and be attuned to tactical opportunities brought about by upcoming earnings releases.
Watch resistance at 3350 and supports at 3200 / 3100.