- During the Asian trading session, the Euro Index reached a low of 1046.9.
- On Friday, the yen index recovered from the previous decline to 736.5.
Analysis of the Euro index chart
During the Asian trading session, the Euro Index reached a low of 1046.9. There is additional support in that area at the 200 EMA, which does not allow us to fall below that, which is why we are now looking for bullish consolidation. This leads to growth to 1048.3, where we form a daily high. We stop there and retreat slightly to the 1048.0 level. We expect to get new support soon and continue the previous recovery.
Possible higher targets are 1048.5 and 1049.0 levels. For the bearish option, we need the Euro index to fall below the 1047.00 level. Hence, we are falling below the 200 EMA, putting more pressure on the collapsing Euro. Below there is room for a larger retreat. Possible lower targets are levels 1046.5 and 1046.0.
Yen indicator chart analysis
On Friday, the yen index recovered from the previous decline to 736.5. During the Asian session, the index rose to 744.3 levels, forming the highest level in two days there. After that, the yen starts to weaken and falls to the 742.0 level. Here, we face the EMA50 and watch it to see if we will get support in it or go down. We expect to rise to a new weekly high above 744.0 if we get support.
Possible higher targets are 745.0 and 746.0 levels. We need to break below 742.0 and the EMA50 for a bearish option. Below, we are heading towards a new daily low and confirm that the yen index is under downward pressure. Possible lower targets are 741.0 and 740.0 levels. Despite the Bank of Japan raising interest rates, the yen is still making slow progress.
