Both the Italian and Spanish ETFs have been consolidating for the last 2-3 months. The Italian (top chart) in an upward sloping wedge and the Spanish in an ascending triangle. Right now, neither break is particularly convincing. The break out days' candles are crosses rather than strong bars. The lack of a strong bar is more problematic because of the high volume of the Spanish break-out day.
Adding to the concern is the broader EU ETF, which has yet to break out.
Before making a move here, wait until we get broader confirmation.