Currencies Update

Currencies Update

EURUSD

The Euro strengthened against the US Dollar in the New York session yesterday, closing 0.65% higher at 1.0667.

At GMT0500, the Euro is trading at 1.0673 against the US Dollar, 0.06% higher from the New York close.

The Euro hit a high of 1.0675 and a low of 1.0587 against the US Dollar in the New York session.

The pair is expected to find its first support at 1.0614 and first resistance at 1.0704. The second support is expected at 1.0556 and second resistance at 1.0736.

A 2H upper Bollinger band crossover suggests at a potential correction in the coming session.

GBPUSD

In the New York session yesterday, the Pound strengthened 0.42% against the US Dollar to close at 1.2544.

The pair is trading at 1.2563 at GMT0500 in the Asian session, with the Pound trading 0.15% higher against US Dollar from the New York close.

The pair witnessed a high of 1.2548 and a low of 1.2479 in the New York session.

Immediate downside, the first support level is seen at 1.2502, followed by 1.2441, while on the upside, the first resistance level situated in 1.2599, followed by 1.2635.

The Three Inside Up pattern has formed on the chart indicating that buyers have seized a degree of control and traders are likely to watch for buying opportunities to come.

USDJPY

The USD traded 0.51% lower against the JPY in the New York session yesterday, with the pair closing the session at 108.98.

The pair is trading at 108.84 at GMT0500 in the Asian session, with the US Dollar trading 0.13% lower against Yen from the New York close.

In the New York session, the pair traded at a high of 109.86 and a low of 108.89.

The pair is expected to find its first support at 108.41 and first resistance at 109.57. The second support is expected at 107.97 and second resistance at 110.29.

The StochRSI has crossed 0.80 from above generating a bearish signal.

EUR GBP

Yesterday, the Euro traded 0.25% higher against the Sterling in the New York session and ended at 0.8506.

In the Asian session, at GMT0500, the pair is trading at 0.8497, with the Euro trading 0.1% lower against Sterling from the New York close.

The pair witnessed a high of 0.8507 and a low of 0.8485 in the New York session.

The pair is expected to find its first support at 0.8486 and first resistance at 0.8507. The second support is expected at 0.8475 and second resistance at 0.8518.

Formation of a bearish harami candlestick pattern on the 4H chart indicates at negativity in the near term.

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The CityTA

The CityTA was started with a desire to help new traders succeed in markets dominated by high frequency traders and other market dangers. Our instructors' objective is to bring this diverse knowledge to you. Our training programs are designed to accommodate easy learning for people who have never experienced financial markets. Financial markets have become more complex over the past 10 years. A grasp of market mechanics is important if a trader is to survive. Our focus for our students is to ensure that we give them the correct foundation, so they can develop their own strategy and build on the knowledge they gain to go on to be top performing traders.