Euro Index at the 1046.3 level, Yen Index in a bullish trend
This week’s high value of the euro index was yesterday at the 1046.3 level.
The yen index has been in a strong bullish trend since the start of the week.
Euro index chart analysis
This week’s high value of the euro index was yesterday at the 1046.3 level. After the formation of that highest value, the index begins to retreat and falls below the 1045.0 level. We couldn’t stop there but continued all the way to 1042.0 levels. There, we form a new weekly low, and there is every chance we will see a drop to a new one because we have news from the ECB about the future interest rate. The forecast is that interest rates will remain at the same level.
This will increase the volatility on the chart, but it is difficult to determine the direction of the movement. Potential lower targets are 1041.0 and 1040.0 levels. If the impulse takes us over 1043.0 and the EMA200 moving average, then we have the opportunity to start a stronger recovery. Potential higher targets are 1044.0 and 1045.00 levels.
Yen index chart analysis
The yen index has been in a strong bullish trend since the start of the week. The weekly low was on Monday at 744.8; today, the price jumped to 756.0. A strong bullish consolidation started this morning at the day’s opening at the 748.3 level. During the Asian session, the index advanced rapidly above the 752.0 level. We see a continuation and growth to 756.0 levels in the EU session.
If today’s consolidation continues, we expect to see a continuation on the bullish side. Potential higher targets are 757.0 and 758.0 levels. A new negative consolidation and pullback below the 754.0 level is needed for a bearish option. With that step, we would move away from the previous high and increase the bearish momentum. This would lead to a new bearish impulse that would bring us down to lower levels. Potential lower targets are 753.0 and 752.0 levels.
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