The Euro index continues the trend from Friday to a new high
- At the start of this week, the euro index gained new support at the 1042.5 level
- At the start of this morning’s Asian session, the yen index received support for bullish consolidation and growth to the 755.0 level
Euro index chart analysis
At the start of this week, the euro index gained new support at the 1042.5 level. From there, we saw the initiation of a bullish consolidation, which led to a new daily high of 1045.0. The index is rising, and we expect to see further progress on the bullish side. Potential higher targets are 1046.0 and 1047.0 levels. The possible resistance of the euro could be in the EMA 200 moving average at the 1046.0 level.
For a bearish option, we need a negative consolidation and a return to the daily open price. This puts new pressure on this morning’s support zone. Staying in that zone for too long could cause us to continue below and form a new daily low. Potential lower targets are the 1041.0 and 1040.0 levels.
Yen index chart analysis
At the start of this morning’s Asian session, the yen index received support for bullish consolidation and growth to 755.0 levels. After forming a new daily high, the index began to lose momentum and initiate a bearish consolidation, breaking through this morning’s low. A new daily low of the yen index was formed at the 749.0 level. We are currently at 749.7 and holding in the support zone. A strong bearish momentum could soon push us to a new low.
Potential lower targets are 748.0 and 747.0 levels. We need a positive consolidation and a move above the 752.0 level for a bullish option. With that step, the index would have the opportunity to rise above the daily open level. After that, we expect to hold above there before continuing to the bullish side. Potential higher targets are 753.0 and 754.0 levels.
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