May I say it's safe for bulls because the Spain's downgrade couldn't spook the Europe markets?
Bullish traditional view:
The price made three consecutive up days, it has broken up the short and mid-terms moving averages (9, 20 & 50 days). The price had found a good support from the Fib 78.6 level of the pull back. It also found a strong support from the Ichimoku Cloud. Seemingly it wants to make a Double Bottom.
Some indicators that confirm the bull after the Thursday's close can be mentioned: RSi14 has crossed its MA7 for two days and is backed to the positive territory > 50. Stochastics made a W bottom and crossed up the signal %D5. MACD crossover through the signal line.
The price seems to make an ideally 5 waves structure of the wave (C) with its value placing between Fib61.8 & 78.6 of the (A)(B)(C) counter trend rally and still opens the possibility to a further and steeper sink to form the wave C of the correction ABC began from the April 3.
To support this bearish view the index needs to drop hard by Friday to send the index to about 1380.00 in a single day (Or making almost no progress Friday and sharp drop on Monday).
Bulls may buy on consolidation or minor pullback for [1408.60 - 1414.30].
Bears may be looking for a sharp drop to 1380 to initiate a short.