BALTIMORE ( Stockpickr) -- Love it or hate it, Europe has traders' attention this week.
The eurozone drama has perked back up in the past couple of weeks, driven in large part by the spike in risk premiums that bond investors are demanding from Spanish and Italian debt. I've said before that I think Europe is a bit of a red herring for the market's moves - fundamentally, the argument that fundamentals in the EU are changing valuations here at home doesn't jive with the way stocks have traded in the last two months.
But I do think that Europe is flipping the "risk switch" on and off in April; the rapid increase in the Euro STOXX 50 Volatility Index compared to the VIX adds some extra evidence of that. With bigger moves coming into play across the pond, it makes sense to focus on attractive technical setups in eurozone stocks this week.For the unfamiliar, technical analysis is a way for investors to quantify qualitative factors, such as investor psychology, based on a stock's price action and trends. Once the domain of cloistered trading teams on Wall Street, technicals can help top traders make consistently profitable trades and can aid fundamental investors in better planning their stock execution. Here's a look at five European technical setups that could deliver breakout gains to your portfolio this week.