- The Euro Index spent this week moving sideways in the 1041.0-1044.0 range.
- This week, the yen index managed to shake off some of the bearish pressure and rose to levels of 750.4 this morning.
Euro Index Chart Analysis
The Euro Index spent this week moving sideways in the 1041.0-1044.0 range. We tried to get over the top line this morning but stopped there like previous attempts. We return to the bearish side and expect a pullback to the level of 1041.0. Next, we test the weekly opening price and the EMA200 moving average. EMMA200 could help us start another bullish consolidation.
By breaking above 1044.0, the index significantly releases pressure and could trigger a continuation of the previous bullish consolidation. Potentially higher targets are the 1045.0 and 1046.0 levels. We need a negative consolidation and a break below 1041.0 and EMA200 for the bearish option. That move should trigger a move to the bearish side. Possible lower targets are the 1040.0 and 1039.0 levels.
Yen Index Chart Analysis
This week, the yen index managed to shake off some of the bearish pressure and rose to levels of 750.4 this morning. As the EU session began, the growth of the index stopped and began a pullback to 748.0 levels. We remain above that level for now, but we are still under downward pressure. It looks like the yen is getting tired and about to return to a lower support level.
In the area around the 747.0 level we find the EMA200, which could provide us with some support to start the bullish consolidation again. If we don't see that, the index will fall below and return to the support zone. Possible lower targets are 746.0 and 745.0 levels. With the support of the EMA200, we begin a new bullish consolidation. Then, we have the opportunity to go up to the 750.0 level again and try to break above it. The highest potential targets are the 751.0 and 752.0 levels.
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