The Euro Index rises above 1054.0, while the Yen slips today
- During this morning’s Asian session, the Euro index initiated a strong bullish consolidation.
- The yen index continues to slide under bearish pressure on Thursday.
Euro index chart analysis
During this morning’s Asian session, the Euro index initiated a strong bullish consolidation. We started from 1052.5 and went to 1054.8. If there is no indication of a change in the trend, we may continue to a new weekly high, a promising prospect that would bring us closer to the highest levels since May. Potential higher targets are the 1055.0 and 1056.0 levels.
For a bearish option, we need a negative consolidation and a drop below the crucial 1054.0 level to begin with. This level is a key indicator for a potential shift in the market. With that step, we would begin the retreat. After that, the critical level is the daily open price at the 1052.7 level. Going below that line would wipe out today’s entire gain and move to the negative side. Potential lower targets are 1052.0 and 1051.0 levels.
Yen index chart analysis
The yen index continues to slide under bearish pressure on Thursday. During this morning’s Asian session, we saw a drop to a new weekly low at the 687.8 level. After that, the index tried to start a recovery, but it has resistance at the 689.0 level. Again, we are under pressure to see a new pullback and form a new lower low.
Potential lower targets are 687.0 and 686.0 levels. The yen index needs to stabilize above the 689.0 level for a bullish option. After that, we can expect to see the initiation of a positive consolidation above 690.0 and the EMA 50 moving average. With its support, the index will be better positioned to continue its recovery. Potential higher targets are 691.0 and 692.0 levels. The EMA 200 moving average is in the zone around 693.0.
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