Economy 18-03-2024 14:00 17 Views

Euro Index moved in the 1045.50-1046.0 range

U.S. dollar fell on Monday. What about Euro and Sterling?

Euro Index moved in the 1045.50-1046.0 range

  • During the Asian trading session, the euro index moved in the 1045.50-1046.0 range.
  • The yen index remains at the start of this week under bearish pressure. 

Euro index chart analysis

During the Asian trading session, the euro index moved in the 1045.50-1046.0 range. In the EU session, the euro strengthens and the index makes an impulse to 1046.5 levels. Before the start of the US session, it reaches a maximum at 1046.7, after which we see a pull back to the 1046.0 level. We are again under pressure to return to the Asian movement zone. That would affect us to visit the 1045.5 level.

New pressure in that zone could easily push the euro index below a new daily low. Potential lower targets are 1045.0 and 1044.5 levels. The EMA200 moving average provides additional support in the zone around 1044.5. The index needs to go back up to 1046.5 levels for a bullish option. With that, we return to the bullish side and turn to higher levels. Potential higher targets are 1047.0 and 1047.5 levels.

Euro Index Chart Analysis

Yen index chart analysis

The yen index remains at the start of this week under bearish pressure. This brought it down to a new low at 748.9 level. And now we are in a bearish consolidation, expecting to slide even lower. Potential lower targets are 748.5 and 748.0 levels. On Tuesday morning, important news for the yen index follows. The Bank of Japan will announce the future interest rate. Economists expect that there could be an increase in the interest rate from -0.10% to 0.00%.

By moving to 0.00%, the interest rate would return to the neutral side after a long time. This would positively affect the yen, giving it strength for longer-term growth. On the chart, we need to climb above the 751.0 level first. After that, we have to hold our own up there. From that bottom, we will have the opportunity to start a bullish consolidation and start a recovery. Potential higher targets are 751.5 and 752.0 levels.

Yen Index Chart Analysis

 

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