Challenge to multi-year Overhead supply, run by non-commercial traders.
According to many colleagues usually, this behavior encourages retailers to take the trade but in reality fails as it is run late.
Therefore, I personally think that at some point European banks as a whole are to outperform.
Some are yet punished, Overhead Supply zones take time to pierce, usually, prices stall in the bottom of the OS area, and suddenly open/raise above area, retesting and now becoming support zone.
Personally, I don't see further reasons to pray for disaster, but long-term support is around €7.50.