The Euro index rises to a new high, while Yen retreats

Euro index chart analysis

During the Asian session, the Euro index was under pressure at the 1050.0 level. This led to a drop at the start of the EU session to 1048.5 levels. We get new support and very quickly switch to the bullish side, returning again above the 1050.0 level. The impulse pushes us even higher to a new weekly high at 1051.2 level. We managed to break above the previous resistance zone and continue on the bullish side.

Potential higher targets are 1051.5 and 1052.0 levels. We need the euro index to pull back below the 1050.0 level for the bearish option. With that step, we are back under bearish pressure, which could have a negative impact on the euro by the end of the day. Potential lower targets are 1049.5 and 1049.0 levels.

Yen index chart analysis

This morning, the yen index fell to a new low this week at 736.5 levels. After that, we managed to hold above and initiate a slight recovery to the 739.0 level. There, we encounter some resistance and move in the 737.0-739.0 range. We need a new impulse above 740.0 to shake off the bearish embrace and start a recovery to the bullish side.

Potential higher targets are 741.0 and 742.0 levels. The yen index could have additional resistance in the EMA50 moving average in the zone around 741.0. For a bearish option, we need a pullback below the 737.0 level. This puts pressure on this morning’s low. Indesk is under pressure to slip below and form a new low. Potential lower targets are 736.0 and 735.0 levels.

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