The euro index is unstable, while the yen index is positive

• Today, we are looking at the increased volatility of the Euro index, and the reason for this is the Eurozone meeting.
• During this morning’s Asian trading session, the yen index gained new support at the 106.0 level. 

Euro index chart analysis

Today, we are looking at the increased volatility of the Euro index, and the reason for this is the Eurozone meeting. During this morning’s Asian session, we saw a pullback to 1051.7 levels. The index gets that support from the EMA 200 moving average. After a short stabilization, we see the start of bullish consolidation and growth to 1053.5 levels. We hope that the euro will have enough strength to stabilize above the weekly open price. If it succeeds, we will move on to the bullish side.

Potential higher targets are the 1054.0 and 1054.5 levels. For a bearish option, we need a pullback of the Euro index below 1052.0 and the EMA 200 moving average. This time, new pressure in that zone could bring an impulse below and form a new weekly low. This confirms the continuation of the bearish side. Potential lower targets are 1051.0 and 1050.5 levels.

Yen index chart analysis

During this morning’s Asian trading session, the yen index gained new support at the 106.0 level. After that, we saw a bullish consolidation and the formation of a weekly high at the 712.3 level. For now, we have resistance up there, and the index has pulled back to the 709.0 support level. Here, the value of the je index is trying to hold, after which we could initiate a new bullish consolidation and test this morning’s high.

Potential higher targets are the 713.0 and 714.0 levels. For a bearish option, we need a pullback to the 706.0 level. Again, we are testing the weekly open price in that zone. The momentum below moves us to the negative side and will influence us to see a pullback in the yen index. Potential lower targets are the 705.0 and 704.0 levels. Around 703.0, we encounter the EMA 200 moving average.