Economy 07-06-2024 13:04 2 Views

Euro index in retreat, while yen initiates recovery at 718.6

Euro index in retreat, while yen initiates recovery at 718.6

On Thursday, the euro index, which represents the value of the euro against a basket of other currencies, rose to 1053.2, forming a weekly high there. During this morning’s Asian trading session, the yen index showed a slight strengthening, rising to 718.6 levels. 

Euro index chart analysis

On Thursday, the euro index, which represents the value of the euro against a basket of other currencies, rose to 1053.2, forming a weekly high there. However, we failed to maintain this level, and a bearish consolidation, which is a period of price decrease, to 1051.0 levels followed. During this morning’s Asian trading session, the index remains under pressure from the weekly open price, and it is easy to see an impulse, which is a sudden increase in price, below to a new daily low.

Potential lower targets are 1050.5 and 1050.0 levels. We need a positive consolidation and growth above the 1052.0 level for a bullish option. This takes us above the EMA200 moving average and gives us support for a continuation to the bullish side. Potential higher targets are 1052.5 and 1053.0 levels.

 

Yen index chart analysis

During this morning’s Asian trading session, the yen index showed a slight strengthening, rising to 718.6 levels. Over the past two days, we have managed to stay above the EMA200 moving average and stabilize. We are currently experiencing a slight pullback from the daily high to the 717.0 level, presenting a new opportunity for the index to stabilize and initiate a new positive consolidation.

Potential higher targets are 719.0 and 720.0 levels. We need a negative consolidation and pullback of the yen index to 715.0 levels for a bearish option. There, we meet the EMA200 moving average again. This time, we could make an impulse below to a new low and thus move to the bearish side. Potential lower targets are 714.0 and 713.0 levels.

 

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