The Euro index moved in the range of 1045.50-1046.0
- During the Asian trading session, the Euro index moved in the range of 1045.50-1046.0.
- At the beginning of this week, the yen index is still under downward pressure.
Analysis of the Euro index chart
During the Asian trading session, the Euro index moved in the range of 1045.50-1046.0. In the European Union session, the euro strengthened and the index rose to 1046.5 levels. Before the start of the American session, it reaches a maximum at 1046.7, after which we see a decline to the level of 1046.0. We are once again under pressure to return to the Asian action zone. This will affect our reaching level 1045.5.
New pressure in that area could easily push the Euro Index below a new daily low. Possible lower targets are 1045.0 and 1044.5 levels. The EMA200 moving average provides additional support in the area around 1044.5. The indicator needs to return to 1046.5 levels for a bullish option. Thus, we return to the upside and move to higher levels. Possible higher targets are 1047.0 and 1047.5 levels.
Yen indicator chart analysis
At the beginning of this week, the yen index is still under downward pressure. This caused it to fall to a new low at 748.9. Now we are in a bearish consolidation situation, and we expect the price to decline further. Possible lower targets are 748.5 and 748.0 levels. On Tuesday morning, we follow important news for the Yen index. The Bank of Japan will announce the future interest rate. Economists expect that there may be an increase in the interest rate from -0.10% to 0.00%.
By moving to 0.00%, the interest rate will return to the neutral side after a long time. This would positively impact the yen, giving it strength to grow in the long term. On the chart, we need to get above 751.0 first. After that, we have to stick ourselves there. From that bottom, we will have the opportunity to start consolidating upwards and start the recovery. Possible higher targets are 751.5 and 752.0 levels.
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