- On Thursday, the euro index, which represents the value of the euro against a basket of other currencies, rose to 1,053.2, marking a weekly high.
- During the Asian session this morning, the yen index showed slight strengthening, rising to levels of 718.6.
Euro Index Chart Analysis
On Thursday, the euro index, which represents the value of the euro against a basket of other currencies, rose to 1,053.2, marking a weekly high. However, we failed to hold this level and a bearish consolidation followed, which is a period of falling prices, to levels of 1051.0. During the Asian session this morning, the index remains under pressure from the weekly opening price and it is easy to see momentum, which is a sudden rise in price, to a new daily low.
Possible lower targets are the 1050.5 and 1050.0 levels. We need positive consolidation and growth above 1052.0 level for a bullish option. This takes us above the EMA200 moving average and provides us with support for a continuation to the bullish side. The highest potential targets are the 1052.5 and 1053.0 levels.
Yen Index Chart Analysis
During the Asian session this morning, the yen index showed slight strengthening, rising to levels of 718.6. Over the last two days, we have managed to stay above the EMA200 moving average and stabilize. We are currently experiencing a slight pullback from the daily high to the 717.0 level, which presents a new opportunity for the index to stabilize and start a new positive consolidation.
The highest potential targets are the 719.0 and 720.0 levels. We need negative consolidation and a pullback of the yen index to 715.0 levels for a bearish option. There we find the EMA200 moving average again. This time we could push down to a new low and thus move to the bearish side. Possible lower targets are 714.0 and 713.0 levels.
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