European trading session is over without any dynamics. Results of the meeting between German Chancellor Angela Merkel and Italian Prime Minister Mario Monti have disappointed investors. The politicians have not reached the common ground concerning the issue of providing a banking license to European mechanism of stability.
Consequently, results of the trading session have shown that British index FTSE 100 has dropped by 0.56 percent, having amounted to 5743.53 points; German index DAX has lost 0.11 percent, having amounted to 7010.57 points; French index CAC 40 has lost 0.51 percent, having reached 3413.89 points.
The chart below reflects the current state of affairs with British index FTSE 100: it shows flat within wave [b], ranging between 5791-5738. Wave [c] will be formed if the level of resistance is broken, whereas the break of the level of support may mean the formation of irregular wave or impulse of higher wave level.
