Check Out The Current Euro Index Level Above 1035.00
This week, the euro index got its support on Wednesday at the 1031.0 level.
The yen index fell to a new February low at 752.2 this morning.
Euro index chart analysis
This week, the euro index got its support on Wednesday at the 1031.0 level. After that, we start a bullish consolidation and climb above 1034.0 by the end of the day. Yesterday, we saw a continuation of the growth up to the 1036.0 level. During the previous Asian trading session, the index encountered resistance in that zone and began to retreat to the 1035.0 level.
Now, in this zone, we are watching how it will behave near the EMA200 moving average. Yesterday’s attempt to pull under it was stopped, and today, we are looking at a new attempt.
If the euro receives the support of the moving average, it will have good support for a larger recovery and growth on the bullish side. The potential higher targets are the 1037.0 and 1038.0 levels.
Yen index chart analysis
The yen index fell to a new February low at 752.2 this morning. Yesterday, we saw a lot of pressure on the yen and the zone around the 760.0 level. We couldn’t hold on there, and a pullback to this morning’s low followed.
We are holding above that level for now, but we need another positive consolidation to trigger the recovery. By moving above 754.0, we would have the opportunity to start growth with the next impulse.
Potential higher targets are 756.0 and 758.0 levels. A new push to 752.0 would again increase the pressure on the yen to start a new pullback. A break below forms a new lower low; thus, we get a confirmation of the bearish trend. Potential lower monthly targets are 750.0 and 748.0 levels.
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