The fundamental data from EU-Zone and Europe are positive; only the EURO could be an obstacle because it had gained force in comparison with the US-Dollar. But this should change during this year, because of the tax reform from Trump and the tapering from the FED. The Dollar should strengthen versus the Euro .
The european (ECB) has also tapered its QE-Program (with now producing 30 BN Euro per month - out of thin air) but it isn´t expectable to have rising interest rates as well.
With a weaker Euro the Global Player in Europe should take profit and have rising exports.
Of course there are many risks for the EU-Zone; for example the election in italy where it is expected that the Party of Grillo could win - and he is against all the austerity programs of the EU and the ICF.
Technically the Euro Stoxx 50 can profit from its outbreak - if the index doesn´t fall back.
Compared with the S&P 500 (blue line) european stocks have much space on the upside. P/E and P/B are also less expensive than in US.
not bullish! - but little signs of a positive trend