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European shares pause after two-day rise; Zodiac rallies

Reuters - UK Focus

* FTSEurofirst 300, Euro STOXX 50 both flat

* "Overbought" euro zone indexes pause after two-day rise

* Oil companies weigh as crude drops

* Kingfisher (LSE: KGF.L - news) down, Zodiac (Other OTC: ZODFF - news) up after updates

By Francesco Canepa

LONDON, Nov 25 (Reuters) - European shares marked time on Tuesday after a two-day rise that left some regional indexes in technical "overbought" territory.

An unexpected rise French industry morale helped put a floor on the market, however, building on a strong German business sentiment survey on Monday.

The euro zone Euro STOXX 50 was flat at 3,212.26 points. Germany's DAX was up 0.1 percent while France's CAC down 0.1 percent.

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All three indexes closed in "overbought" territory on Monday, based on their 7-day Relative Strength Index, a momentum indicator which compares the magnitude of rises and falls in prices.

"A small pullback (in the Euro STOXX 50) from here towards 3,190 is normal," said Roelof-Jan van den Akker, a senior technical analyst an ING in Amsterdam. "A short-term consolidation ... for a couple of weeks before the next rally starts would be my most likely scenario."

The broader FTSEurofirst 300 index of pan-European shares was flat at 1,386.23 points.

Energy companies weighed on the FTSEurofirst as Brent crude oil prices fell to $79.50 on the back of lower expectation of a significant output cut by OPEC.

Kingfisher was among top fallers on the index, shedding 2.4 percent after Europe's No. 1 home improvement retailer posted an 11.8 percent decline in third quarter profit, hurt by a weak French market and foreign currency movements.

Zodiac Aerospace (Paris: FR0000125684 - news) was the top riser, up 4.4 percent, after the maker of aircraft cabin interiors and systems predicted a gradual return towards normal levels of profitability in the current financial year.

Europe bourses in 2014: http://link.reuters.com/pap87v

Asset performance in 2014: http://link.reuters.com/gap87v

Today's European research round-up (Reporting By Francesco Canepa Editing by Jeremy Gaunt)