Euro index and yen: Euro stops at 1047.0 resistance level
- During this morning’s Asian trading session, the Euro index rose to 1047.4 levels.
- During this morning’s Asian session, the yen index returned to a new weekly low at 710.7.
Euro index chart analysis
During this morning’s Asian trading session, the Euro index rose to 1047.4 levels. Here, we got close to the EMA200 moving average but failed to move above. Euro stopped at that point and started pulling back to the daily open price at the 1045.5 level. We are now under pressure here but expect support from the EMA50 moving average.
A new stabilization of the index would influence us to see the start of a new positive consolidation. Potential higher targets are 1046.5 and 1047.00 levels. We need a negative consolidation and a drop in 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. Potential lower targets are 1044.5 and 1044.0 levels.
Yen index chart analysis
During this morning’s Asian session, the yen index returned to a new weekly low at 710.7. We 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 open price there. Additional pressure in that zone creates the EMA50 moving average. With its support, the yen could much more easily recover to the bullish side.
Potential higher targets are 714.0 and 715.0 levels. It is very important for the bullish option to move above the EMA200 and 714.5 levels. In this way, we get rid of the bearish pressure. We need a negative consolidation and a new pullback below the 711.0 level for a bearish option. A new push into the previous support zone could negatively affect the yen index. With the bearish impulse, we are moving to a new weekly low. Potential lower targets are 710.0 and 709.0 levels.
