Euro Index Breaks Resistance and Soars Above 1045.0 Level

Immediately on Monday, we saw how the Euro index broke through last week’s resistance zone and rose above the 1045.0 level. 
Monday was quite bearish for the yen index. 

Euro index chart analysis

Immediately on Monday, we saw how the Euro index broke through last week’s resistance zone and rose above the 1045.0 level. During the previous Asian trading session, the value of the index rose to 1045.8 levels. After that, we stop there and return to 1045.3 levels. We are in a mild bearish pullback and could slip a little more.

Potential lower targets are the 1044.50 and 1044.0 levels. For a bullish option, we need a new impulse above 1046.0 and the formation of a new weekly high. With that step, the euro would start the continuation of the February bullish trend. Potential higher targets are 1046.5 and 1047.0 levels.

Yen index chart analysis

Monday was quite bearish for the yen index. We saw a drop to 744.8 levels. After that, we managed to hold above, initiate consolidation and climb to 747.0 level this morning. There, we encounter the EMA200, which does not allow us to move above and start a further recovery; instead, we return to the 746.0 level. We need new support here to push for a new momentum and a jump above the 747.0 level.

Potential higher targets are 748.0 and 749.0 levels. If the yen index does not have the strength for such a step, it will be followed by a withdrawal below 746.0 and a visit to yesterday’s support zone. The value of the index will fall below 745.0 and thus only increase the pressure on the already weakened yen. Potential lower targets are 744.0 and 743.0 levels.

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