The Euro index has a new opportunity to be bullish
- During this morning’s Asian trading session, the Euro index fell to the weekly support level of 1042.0
- During this morning’s Asian trading session, the yen index continued to rise to a new weekly high of 769.8
Euro index chart analysis
During this morning’s Asian trading session, the Euro index fell to the weekly support level of 1042.0. This time, we got new support and started a bullish consolidation up to the 1044.0 level. We have EMA 50 moving average support and expect a continuation to 1044.5 higher EMA 200 moving average resistance. Potential higher targets are the 1045.0 and 1045.5 levels.
For the bearish option, we need a negative consolidation and a new pullback of the euro index down to the 1042.5 weekly open price. This time, we need a drop below and the formation of a new weekly low. This will confirm the move to the bearish side, and we expect to see further pullback. Potential lower targets are the 1041.5 and 1041.0 levels.
Yen index chart analysis
During this morning’s Asian trading session, the yen index continued to rise to a new weekly high of 769.8. After that, the bullish momentum decreased, and the index retreated to the 766.0 level. If the support does not hold, we will continue to pull back to a new low. Potential lower targets are 764.0 and 762.0 levels. In the 762.0 zone, we expect to test possible support in the EMA 50 moving average.
For a bullish option, we need a jump in the yen index above the 770.0 level. With that, we go to a new daily high and strengthen the bullish momentum. After that, we have to continue with recovery and climb to higher levels. Potential higher targets are 772.0 and 774.0 levels.
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