The Euro index is increasing and the Yen index is stagnating
- During this morning’s Asian trading session, the euro index moved around 1052.0.
- During this morning’s Asian trading session, the yen index moved in the 700.0-702.5 range.
Euro index chart analysis
During this morning’s Asian trading session, the euro index moved around 1052.0. With the beginning of the EU session, we see the start of bullish consolidation and growth to 1054.0 levels. We are now trying to hold on to that zone to continue our recovery to the bullish side. Potential higher targets are 1054.5 and 1055.0 levels.
For a bearish option, we need a negative consolidation of the Euro index and a pullback below the 1052.5 level. This brings us back below the weekly open price, and we will have to retest support at 1052.0. If the support does not last, we will go to a new weekly low and confirm the bearish pressure on the index. Potential lower targets are the 1051.5 and 1051.0 levels.
Yen index chart analysis
During this morning’s Asian trading session, the yen index moved in the 700.0-702.5 range. The yen manages to hold high at the start of this week. It needs an impulse above 702.5 to release the bearish pressure to continue up. Thus, we move to a new weekly high and expect further recovery to the bullish side. Potential higher targets are 704.00 and 706.0 levels.
For a bearish option, we need a pullback of the yen index below the 700.0 level. A little below at 699.0, we come across the EMA 50 moving average. If the bearish momentum continues, the support line will not hold, and we will see a drop to a new weekly low. Potential lower targets are 698.0 and 696.0 levels. The EMA200 moving average is in the zone of 696.0, and this is where the index could gain stronger support.
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