Euro index has resistance at 1052.0, while yen stagnates
Since Tuesday, the euro index has been in bullish consolidation and fell to 1048.9.
On Tuesday, the yen index jumped to a new weekly high at 722.3.
Euro index chart analysis
Since Tuesday, the euro index has been in bullish consolidation and fell to 1048.9. On Wednesday, the index tried to move above the EMA200 moving average but has resistance in that zone. Today’s movement is in the 1050.5-1051.5 range, and we remain below the EMA200 from the upper side. We need a stronger bullish impulse that would push us above to the 1052.0 level.
Up to 1052.5 would be ideal because we would have enough space to stabilize above EMA200. Potential higher targets are the 1053.0 and 1053.5 levels. We need a negative consolidation and pullback below the 1050.5 support level for a bearish option. With this, we move to a new daily low and confirm the bearish momentum. Potential lower targets are 1050.0 and 1049.5 levels.
Yen index chart analysis
On Tuesday, the yen index jumped to a new weekly high at 722.3. Yen loses that momentum and begins to retreat from that zone. Yesterday, we went down to the 714.0 level and the EMA200 moving average. Today’s movement is in the wider range of 713.8-717.0. This suggests that a new impulse should happen soon. A slight bearish pressure prevails, which would push the yen index below the EMA200 moving average.
That would push us to a new lower low and strengthen the bearish trend. Potential lower targets are 713.0 and 712.0 levels. We need positive consolidation and a return to this morning’s high at 717.0 for a bullish option. The impulse above takes us to a new daily high and thereby strengthens the optimism for progress to the bullish side.
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