- The Euro Index has been consolidating sideways throughout this week.
- This week, the yen index moved in the range of 750.0-760.0.
Graphical analysis of the Euro index
The Euro Index has been consolidating sideways all this week. This morning, we got a push to the level of 1052.4, but we quickly returned to the previous movement range. The index value is now 1051.0 and we are slowly turning to the bearish side. We might see a pullback to the level of 1049.00 and test the EMA 200 moving average there. This morning we already tested that level once and got support from the EMA 200. This time, we might see a break below it and a drop to a new daily low.
Possible lower targets are the levels of 1048.0 and 1047.0. For a bullish option, we need a further pullback above the level of 1052.0. Thus, the euro index would create a path to the formation of a new weekly high. After that, it remains to be seen whether a bullish consolidation will begin and whether the bullish side will continue. Possible upper targets are the levels of 1053.0 and 1054.0.
Graphical analysis of the yen index
This week, the yen index moved in the range of 750.0-760.0. During the Asian session this morning, the index found resistance at the level of 757.0. After that, a bearish consolidation started, a pullback below 755.0 and the EMA 200 moving average. This only increased the pressure on the yen to start a new pullback to the level of 752.0. We are on the verge of breaking down to 750.0 and testing this week's support zone.
Possible lower targets are the levels of 748.0 and 746.0. For a bullish option, we need a positive consolidation of the yen index and a return above the EMA 200 moving average. After that, we can expect a further recovery and a visit to this week's resistance zone. Possible upper targets are the levels of 758.0 and 760.0.
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