Euro Index and yen: Yen tries to shake off bearish pressure

• Over the past week, the Euro index has been fluctuating.
• On Wednesday, the yen index fell to 716.3, forming a new weekly low there.

Euro index chart analysis

Over the past week, the Euro index has been fluctuating. On Tuesday, it reached a high of 1055.8, followed by a bearish consolidation with support at 1053.5. This morning, a bullish consolidation to 1054.5 was initiated after receiving support. However, the Euro could face pressure in the US session due to the release of US economic news, potentially leading to a lower high compared to yesterday.

If the Euro index continues to rise, potential higher targets to keep in mind are the 1055.0 and 1055.5 levels. Conversely, if new pressure is exerted on the Euro index, we could see a retreat below the EMA50 moving average and the 1054.0 level. This would indicate a shift towards the bearish side and could lead to a pullback to a new low. In such a scenario, potential lower targets to consider are the 1053.5 and 1053.0 levels.

Index Yen chart analysis

On Wednesday, the yen index fell to 716.3, forming a new weekly low there. We stop there with the fall and manage to start a bullish consolidation up to 726.1 levels. Yen did not have the strength to start a further recovery, and the withdrawal to the 722.0 level began. We’re breaking below the EMA200 moving average again, adding pressure on the weakened yen.

Potential lower targets are 721.0 and 720.0 levels. If we manage to get back above the EMA200 and 723.0 levels, we could see the initiation of a new positive consolidation. With the new support, we will form a higher low, and it will be easier for us to start the recovery on the bullish side. Potential higher targets are 724.0 and 725.0 levels. A break above this week’s high at 726.1 would mean a lot for further recovery.

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