By Euro Index and Yen: The Yen Index pulls back to the EMA200
This week’s high index of the euro was formed on Wednesday at the 1046.4 level.
The yen index has been in retreat since Monday after stopping at the 760.1 level.
Euro index chart analysis
This week’s high index of the euro was formed on Wednesday at the 1046.4 level. We stopped at that level, and during the Asian trading session, we slowly moved away from it. In the EU session, the value of the index continued to slide to a new daily low at 1044.8 level. Today’s bearish consolidation could take us even lower to a new low. Potential lower targets are the 1044.50 and 1044.0 levels.
The EMA200 moving average provides additional support for the index and the zone around 1044.0. If we stay above it, we have a new opportunity for recovery. For a bullish option, we hope for EMA50 moving average support and a stay above the 1045.0 level. If we succeed in this, we can initiate a bullish consolidation and hope for a recovery to the previous high. Potential higher targets are the 1046.0 and 1046.5 levels.
Yen index chart analysis
The yen index has been in retreat since Monday after stopping at the 760.1 level. On Tuesday, we saw a strong bearish impulse, followed by consolidation and a drop yesterday to the weekly low of 752.7. There, we met the EMA200 moving average and stayed above it. Today, we are looking at a slight bullish consolidation from the 753.0 to the 754.0 level. On the upper side, the EMA50 moving average is a new resistance.
We are hoping for a new impulse that would move us above and make it easier for us to continue on the bullish side. Potential higher targets are 755.0 and 756.0 levels. If we were to return to the 753.0 level, the yen index would be under pressure to seek support again in the EMA200 moving average. A re-visit could easily shake the index’s value and send it to a new weekly low. Potential low targets are 752.0 and 751.0 levels.
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