Euro and Yen indices: The Yen index falls below 750.0
- Last week until mid-Tuesday, the euro index was retreating to support at the 1033.2 level.
- Last week, only Monday was positive for the yen index, as we saw a jump to 755.3 levels.
Euro index chart analysis
Last week until mid-Tuesday, the euro index was retreating to support at the 1033.2 level. After successfully gaining support, we see the initiation of bullish consolidation and a return above the EMA200 moving average. With its support, the euro continues to grow more easily up to 1037.8 levels. This is where we meet resistance and pull back during this morning’s Asian session.
A daily low was formed at 1036.5, and we are under pressure to start a further pullback. Potential lower targets are 1036.0 and 1035.5 levels. In the zone around 1035.5 levels, we encounter the EMA200 moving average again. It is very possible that we will be able to get its support again and initiate a bullish consolidation from that level.
Yen index chart analysis
Last week, only Monday was positive for the yen index, as we saw a jump to 755.3 levels. From there, we started to pull back very quickly, and on Tuesday, we fell to 748.7 levels. On Wednesday, we saw a recovery to 752.5 levels, and there, we formed a lower high compared to Monday. The lack of ability to hold up there triggers a bearish consolidation and a drop on Friday to 748.3 levels.
During the previous Asian session, the yen index gained support and recovered to 750.0. The daily low was moved to 749.2, which indicates that we are slowly advancing to the bullish side. Now, we need a break above the 750.0 level in order to form a new daily high and thus confirm the bearish momentum. Potential higher targets are 750.50 and 751.00 levels.
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