- During the Asian session this morning, the Euro Index rose to the 1,047.4 level.
- During the Asian session this morning, the yen index returned to a new weekly low of 710.7.
Euro Index Chart Analysis
During the Asian session this morning, the Euro Index rose to the 1,047.4 level. Here, we approach the EMA200 moving average, but we fail to surpass it. The euro stopped at that point and began to retreat to the daily opening price at the 1045.5 level. We are now under pressure here, but we expect support from the EMA50 moving average.
A new stabilization of the index would influence us to see the beginning of a new positive consolidation. The highest potential targets are the 1046.5 and 1047.00 levels. We need a negative consolidation and a fall of the Euro index below 1045.0 and the EMA50 moving average for a bearish option. This will strengthen the bearish momentum and we will have to look for a new support level. Possible lower targets are the 1044.5 and 1044.0 levels.
Yen Index Chart Analysis
During the Asian session this morning, the yen index returned to a new weekly low of 710.7. We will then get support at that level and trigger a recovery to the 712.0 level. If this consolidation continues, the index could recover to 713.0 and test the daily opening price there. Additional pressure in that area creates the EMA50 moving average. With their support, the yen could recover much more easily to the bullish side.
The highest potential targets are the 714.0 and 715.0 levels. It is very important that the bullish option overcomes the EMA200 and 714.5 levels. In this way we get rid of the downward pressure. We need a negative consolidation and a new pullback below the 711.0 level for a bearish option. A further push towards the previous support zone could negatively affect the yen index. With the bearish momentum, we are approaching a new weekly low. Possible lower targets are 710.0 and 709.0 levels.
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