Currencies Update

Currencies Update

EURUSD

The Euro weakened against the US Dollar in the New York session yesterday, closing 0.16% lower at 1.0710.

At GMT0500, the Euro is trading at 1.0727 against the US Dollar, 0.16% higher from the New York close.

The Euro hit a high of 1.0728 and a low of 1.0698 against the US Dollar in the New York session.

The pair is expected to find its first support at 1.0705 and first resistance at 1.0743. The second support is expected at 1.0682 and second resistance at 1.0758.

A potential break above the 1.0725 handle, might trigger strength in the pair.

GBPUSD

In the New York session yesterday, the Pound weakened 0.5% against the US Dollar to close at 1.2784.

The pair is trading at 1.2805 at GMT0500 in the Asian session, with the Pound trading 0.16% higher against US Dollar from the New York close.

The pair witnessed a high of 1.2848 and a low of 1.2766 in the New York session.

Immediate downside, the first support level is seen at 1.2761, followed by 1.2718, while on the upside, the first resistance level situated in 1.2853, followed by 1.2902.

The potential of a correction cannot be ruled out as the StochRSI has moved down from the overbought territory.

USDJPY

The USD traded 0.05% lower against the JPY in the New York session yesterday, with the pair closing the session at 108.85.

The pair is trading at 108.92 at GMT0500 in the Asian session, with the US Dollar trading 0.06% higher against Yen from the New York close.

In the New York session, the pair traded at a high of 109.17 and a low of 108.66.

The pair is expected to find its first support at 108.58 and first resistance at 109.22. The second support is expected at 108.23 and second resistance at 109.51.

A decline in momentum can be seen as the PPO line has crossed below its signal line.

EUR GBP

Yesterday, the Euro traded 0.35% higher against the Sterling in the New York session and ended at 0.8381.

In the Asian session, at GMT0500, the pair is trading at 0.8378, with the Euro trading 0.03% lower against Sterling from the New York close.

The pair witnessed a high of 0.8386 and a low of 0.8357 in the New York session.

The pair is expected to find its first support at 0.8354 and first resistance at 0.8395. The second support is expected at 0.8330 and second resistance at 0.8411.

A recent signal line crossover from below by the 4H MACD, hints at bullish momentum 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.