- The value of the euro index fell this morning to 1,048.7.
- The yen index rose to levels of 716.2 on Thursday.
Euro Index Chart Analysis
The value of the euro index fell this morning to 1,048.7. A new weekly low was formed, after which we saw the beginning of a bullish consolidation to the level of 1052.0. We'll stop there for now but we'll stay in that area. We need fresh momentum to 1052.5 to test the EMA200 moving average. Earlier in the week we had resistance at that moving average; This time, we will have another chance to advance.
The highest potential targets are the 1053.0 and 1053.5 levels. We need a negative consolidation and a pullback to the 1051.0 level and the EMA50 moving average for a bearish option. Falling below, the pressure on the EMA50 increases and we will have to test the daily opening price at the 1050.0 level. Possible lower targets are 1049.5 and 1049.0 levels.
Yen Index Chart Analysis
The yen index rose to levels of 716.2 on Thursday. It was expected that the yen could start a more specific recovery that would remain on the bullish side for longer. After that, the index tries to consolidate above 713.5 and the EMA200 moving average. During the Asian session this morning, we see the beginning of a bearish consolidation and a drop below the weekly opening price. We did not manage to stop there but continued to retreat towards the 710.5 level.
Possible lower targets are 710.0 and 709.5 levels. For a bullish option, we need a new bullish consolidation and a move above the 711.0 level to start. So we will have to stay there to have a base to continue towards the bullish side. The highest potential targets are the 711.5 and 712.0 levels.
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