Economy

Euro index rises to two-day high, yen index at the bottom

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Euro index rises to two-day high, yen index at the bottom

The two-day growth of the euro index stopped this morning at the 1047.6 level. 
During the Asian trading session, the yen index was maintained above the 734.0 level.

Euro index chart analysis

The two-day growth of the euro index stopped this morning at the 1047.6 level. We encountered resistance there in the Asian session, after which we started a pullback to the 1046.0 level. There are good chances to return to a new test of the EMA200 and the zone around the 1045.0 level. This is where the Euro index could get stronger support to continue on the bullish side. It will fall below and intensify the bearish pressure if this does not happen.

Potential lower targets are 1044.5 and 1044.0 levels. For the bullish option, from this position, it is important for us to stay above the weekly open price and stay on the positive side. This gives us optimism that we can revisit this morning’s high at 1047.6. Such a move could have the effect of moving above to a new weekly high. Potential higher targets are 1048.0 and 1048.5 levels.

Yen index chart analysis

During the Asian trading session, the yen index was maintained above the 734.0 level. We are still in the support zone and hope the yen will have enough strength to stabilize and start a recovery. We need a return above the 735.0 level and the weekly open price. With this, we move to the positive side, and the chances increase that we could see the initiation of a positive consolidation.

Potential higher targets are 736.0 and 737.0 levels. We will have an additional higher resistance in the EMA200 at the 736.5 level. If the yen index turns to the bearish side again, we are looking at an important level of 733.5. By falling below, we go to a new weekly low, confirming the yen’s weakness and continuing to the bearish side. Potential lower targets are 733.0 and 732.5 levels.

The post Euro index rises to two-day high, yen index at the bottom appeared first on FinanceBrokerage.