The euro index is under pressure; the yen is holding steady
During this morning’s Asian trading session, the Euro index was in a bearish trend.
During this morning’s Asian trading session, the yen index moved in the 727.0-730.0 range.
Euro index chart analysis
During this morning’s Asian trading session, the Euro index was in a bearish trend. At the beginning of the EU session, it was expected that the euro would gain strength, but it did not happen. The index’s pullback continued until the 1046.0 level. We are close to last week’s low, and if the current movement continues, we could soon visit that level. Potential lower targets are the 1045.0 and 1044.0 levels.
For a bullish option, the index would have to stabilize at the 1046.0 level. After that, we can expect the initiation of bullish consolidation. By moving above 1047.0, the index would make the first move toward further recovery. Potential higher targets are 1048.0 and 1049.0 levels. The EMA 200 moving average is a step higher at the 1050.0 level.
Yen index chart analysis
During this morning’s Asian trading session, the yen index moved in the 727.0-730.0 range. The index successfully maintained above the weekly open price with the support of the EMA 50 moving average. Based on those parameters, we expect to see a break above the previous range and continue on the bullish side. Potential higher targets are 732.0 and 734.0 levels.
If the yen index were to pull back below the weekly open price of 727.0, a bearish option could be on the horizon. This scenario would see the index fall below the EMA 50 moving average, potentially increasing the pressure on the yen. After forming a new daily low, the index would be forced to continue on the bearish side and look for new support. Potential lower targets are 724.0 and 722.0 levels. 722.0 is Friday’s low and could be a key point for continuing the trend.
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