- The Euro Index spent this week in sideways movement in the 1041.0-1044.0 range.
- This week, the yen index managed to shake off some downward pressure and rise to 750.4 levels this morning.
Analysis of the Euro index chart
The Euro Index spent this week in sideways movement in the 1041.0-1044.0 range. We tried to break above the upper line this morning but were stopped there as in previous attempts. We are back on the downside and expect a decline to the 1041.0 level. Below, we test the weekly opening price and the EMA200 moving average. EMMA200 could support us to start another bullish consolidation.
By moving above 1044.0, the index has relieved pressure significantly and may lead to a continuation of the previous bullish consolidation. Possible higher targets are 1045.0 and 1046.0 levels. We need a negative consolidation and a break below 1041.0 and the 200 EMA for a bearish option. This move should result in a move to the downside. Possible lower targets are 1040.0 and 1039.0 levels.
Yen indicator chart analysis
This week, the yen index managed to shake off some downward pressure and rise to 750.4 levels this morning. With the start of the European Union session, the growth of the index stopped and began to decline to levels of 748.0. We remain above this level at the moment, but we are still under downward pressure. It appears that the yen is starting to tire and is about to return to a lower support level.
In the area around 747.0, we are facing the 200 SMA, which could provide us with some support in order to start the bullish consolidation again. If we do not see this then the indicator will decline and return to the support area. Possible lower targets are 746.0 and 745.0 levels. Supported by the EMA200, we are starting a new bullish consolidation. After that, we have the opportunity to climb back to the 750.0 level and try to break above there. Possible higher targets are 751.0 and 752.0 levels.
