Connect with us

Hi, what are you looking for?

Smart Success Strategy – Investing and Stock NewsSmart Success Strategy – Investing and Stock News

Economy

Euro and Yen Indices: A good start to the week for the Euro

Euro and Yen Indices: A good start to the week for the Euro

We are currently looking at a jump in the Euro index to a new annual high at the 1043.7 level.
The yen index fell to a multi-month low today at the 743.5 level.

Euro index chart analysis

We are currently looking at a jump in the Euro index to a new annual high at the 1043.7 level. We successfully crossed the previous high from last week at the 1043.4 level. During this morning’s Asian trading session, the index receives support at the 1041.0 level and starts a bullish consolidation from there. That got us to this high, and we expect to see a continuation and rise to a new one. Potential higher targets are 1044.0 and 1045.0 levels.

We need a negative consolidation and pullback below the 1043.0 level for the bearish option. That move would increase the pressure on the index to go into a pullback. If it triggers, a pullback to this morning’s Asian support zone could occur. A drop below could send the euro index deeper, but we have no such indications for now.

Yen index chart analysis

The yen index fell to a multi-month low today at the 743.5 level. The Japanese index remains under great pressure, as can be seen on the chart. We managed to fall below the November low, which was at the 744.6 level. For now, we stop at the new low and move up to the 744.1 level. We need a much stronger impulse to shake up the yen index and change the trend. To begin with, we need to get back above the 746.0 level.

Then, we would have to hold there and start a bullish consolidation from there. Potentially higher targets are 747.0 and 748.0 levels. In the zone around the 748.0 level, we come across the EMA200, and if we want a concrete bullish trend, we should move above it. Only then does the yen index have a chance to recover and initiate a longer-term recovery.

The post Euro and Yen Indices: A good start to the week for the Euro appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Latest News, And Articles.



    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    The energy revolution is here to stay, and electric vehicles (EVs) have become part of the mainstream narrative. Despite geopolitical tensions and uncertainty, the...

    Editor's Pick

    Overview Mexico’s Sinaloa state hosts a number of prolific silver and gold mines, including McEwen Mining’s (TSX:MUX) El Gallo Complex, Americas Gold and Silver’s...

    Editor's Pick

    Uranium is an important energy sector commodity, and its rising value has attracted investor interest. 2023 has seen uranium prices solidly above the important...

    Investing

    A new survey shows that the presidential race between former President Donald Trump and President Biden is thin, but Biden faces a deficit in...

    Disclaimer: smartsuccessstrategy.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 smartsuccessstrategy.com