Euro and Yen indices: The Euro index remains below 1044.0

Euro index chart analysis

The Euro index spent this week in sideways movement in the 1041.0-1044.0 range. We tried to break above the upper line this morning but stopped there as in previous attempts. We return to the bearish side and expect a pullback to the 1041.0 level. Below, we test the weekly open price and the EMA200 moving average. EMMA200 could support us to start another bullish consolidation.

By moving above 1044.0, the index is significantly relieved of pressure and could trigger a continuation of the previous bullish consolidation. Potentially higher targets are 1045.0 and 1046.0 levels. We need negative consolidation and a break below 1041.0 and EMA200 for the bearish option. That move should trigger a move to the bearish side. Potential lower targets are 1040.0 and 1039.0 levels.

Yen index chart analysis

This week, the yen index managed to get rid of some of the bearish pressure and climb up to 750.4 levels this morning. As the EU session began, the growth of the index stopped and started a retreat to 748.0 levels. We remain above that level for now, but we are still under bearish pressure. It looks like the yen is getting tired and about to return to a lower support level.

In the zone around the 747.0 level, we come across the EMA200, which could provide us with some support in order to initiate bullish consolidation again. If we do not see that, the index will fall below and return to the support zone. Potential lower targets are 746.0 and 745.0 levels. With the support of EMA200, we start a new bullish consolidation. Then, we have the opportunity to climb again to the 750.0 level and try to break above. Potential higher targets are 751.0 and 752.0 levels.

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