Euro index rises to new weekly high; yen index at new low

Euro index chart analysis

During this morning’s Asian trading, the Euro index rose to 1056.1. As the EU session began, the euro began to weaken. This led to a pullback to the 1054.5 level, where we encountered the EMA50 moving average. We got support from that moving average in previous pullbacks and continued on the bullish side. Based on that, we expect a new start of positive consolidation.

Potential higher targets are the 1056.0 and 1056.5 levels. We need a negative consolidation in this zone and a drop below the EMA50 for a bearish option. With that, we go to a new daily low and confirm the current bearish momentum on the chart. Potential lower targets are the 1054.0 and 1053.5 levels. Major EMA200 support for the index is in the 1053.0 level zone.

Yen index chart analysis

At the beginning of this morning’s Asian trading session, there was a bearish impulse from 718.9 to 717.2. We managed to hold on there; since then, we have been moving in the 717.2-718.3 range. Yen continues to move under pressure but has some support in this zone. We need a stronger impulse to 719.0 in order to climb to the daily open price. There, we will also test the EMA50 moving average.

A new bullish impulse could quickly move us above and relieve the bearish pressure. Potential higher targets are 720.0 and 721.0 levels. If the yen index continues to consolidate in the support zone, it will be under increasing pressure to make a bearish impulse and slip to a lower low level. Potential lower targets are 716.0 and 715.0 levels.

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