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European shares pause for breath

London - European stocks paused early on Tuesday after a three-day winning streak fuelled by a package of measures from the European Central Bank, with a key regional index seen as overbought on a technical basis.

Bank of Ireland slumped 4.6%t after US billionaire Wilbur Ross sold his stake in the bank, giving him an estimated gain of over 150% on the investment he made three years ago.

The stock was the top faller on the pan-European FTSEurofirst 300 index, which was flat at 1 393.11 points at 09:04.

The eurozone's blue-chip Euro STOXX 50 index was also flat, at 3 304.71, having risen for three consecutive days after the European Central Bank unveiled new stimulus measures on Thursday.

The rise left the index in "overbought" territory according to its 14-day Relative Strength Index - a momentum indicator - for the first time since October, charts showed.

"On a short-term basis, the momentum could slow down," Philippe Delabarre, an analyst at Trading Central in Paris said. "But this is not going to prevent the continuation of the rise."

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