The Euro index on the bearish side since this morning
- During this morning’s Asian trading session, the Euro index initiated a bearish consolidation
- Today, at the beginning of the Asian session, the yen index was under pressure
Euro index chart analysis
During this morning’s Asian trading session, the Euro index initiated a bearish consolidation. In the previous hour, a daily low was formed at 1049.0. We met the EMA 50 moving average there, which gives us support. The pressure on the euro is still current and could push us below the EMA 50. This step strengthens the bearish momentum, and we will see a further index retreat to a new low.
Potential lower targets are 1048.0 and 1047.0 levels. In the 1047.0 zone, we could have support in the EMA 200 moving average. For a bullish option, the Euro index needs to be maintained above the EMA 50. After stabilizing, we will have the opportunity to move to the bullish side again. Potential higher targets are 1050.0 and 1051.0 levels.
Yen index chart analysis
Today, at the beginning of the Asian session, the yen index was under pressure. Resistance in the EMA 200 moving average at the 756.0 level strengthened the bearish momentum. In the previous hour, news from the US market had a negative impact on the yen index. A strong, bearish impulse brought us down to 746.7 levels. We are still in that zone, and we are trying to stabilize at that level.
If we don’t succeed in that, we have to continue with the retreat. Potential lower targets are 745.0 and 744.0 levels. For a bullish option, we need a new positive consolidation of the yen index. With stabilization above 750.0, we would be in an excellent position to initiate further growth to the bullish side. Potential higher targets are 752.0 and 754.00 levels.
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