European stocks wobbled Wednesday ahead of a Federal Reserve policy statement and the European Central Bank's Governing Council meeting.
But on Tuesday, European stocks moved higher as investors attempted to shrug off continued drama surrounding a potential debt default in Greece. And the bounce had one technician calling for a bottom.
"The selling in Europe can only be classified as "Grex-haustive," technical analyst Rich Ross joked Tuesday on CNBC's "Power Lunch." "But I think it has created a compelling technical set up, which makes me want to be a buyer of Europe here."
In particular, Ross noticed some promising technical patterns forming on the chart of the Wisdom Tree Europe Hedged Equity Fund, an ETF that gives investors exposure to European equities while removing currency exposure. "The first feature of this chart is the head and shoulders bottom from which we emerged from back in January when we got the announcement of European QE," said Ross, head of technical analysis at Evercore ISI. "We surged 23 percent upon breaking out from that bottom."