The Eurostoxx 50 index is close to a short-term high, according to Roelof van den Akker, chartist at ING Wholesale Banking.
If the index stays above 2,670, it could rise to 2,760 before correcting by 10 percent and then will develop a higher low in "the next few weeks," he added.
The Bund future is "somewhat weakening and could support the equity market over the next few weeks," van den Akker told CNBC. He sees the German government bond index falling to 117.80 and recommends investors "sell the strength."
Other analysts said earlier that government bonds are problematic because there is strong issuance as governments try to cover gaping budget deficits caused by efforts to stimulate their economies.
The recent rally in stocks is also likely to weigh on the bond market, according to analysts.