Currencies Update

Currencies Update

EURUSD

The Euro weakened against the US Dollar in the New York session yesterday, closing 0.27% lower at 1.0715.

At GMT0500, the Euro is trading at 1.0715 against the US Dollar, marginally higher from the New York close.

The Euro hit a high of 1.0777 and a low of 1.0711 against the US Dollar in the New York session.

The pair is expected to find its first support at 1.0688 and first resistance at 1.0760. The second support is expected at 1.0660 and second resistance at 1.0804.

A potential negative centreline crossover by the 2H MACD, reflects at weakness in the near term.

GBPUSD

In the New York session yesterday, the Pound strengthened 0.09% against the US Dollar to close at 1.2808.

The pair is trading at 1.2792 at GMT0500 in the Asian session, with the Pound trading 0.12% lower against US Dollar from the New York close.

The pair witnessed a high of 1.2846 and a low of 1.2787 in the New York session.

Immediate downside, the first support level is seen at 1.2769, followed by 1.2747, while on the upside, the first resistance level situated in 1.2830, followed by 1.2869.

Negative sentiment still exists as the StochRSI has moved down from the overbought region.

USDJPY

The USD traded 0.22% higher against the JPY in the New York session yesterday, with the pair closing the session at 109.28.

The pair is trading at 109.23 at GMT0500 in the Asian session, with the US Dollar trading 0.05% lower against Yen from the New York close.

In the New York session, the pair traded at a high of 109.48 and a low of 108.95.

The pair is expected to find its first support at 108.79 and first resistance at 109.58. The second support is expected at 108.34 and second resistance at 109.92.

StochRSI is trading below 0.50 reflecting the presence of bearish momentum.

EUR GBP

Yesterday, the Euro traded 0.35% lower against the Sterling in the New York session and ended at 0.8368.

In the Asian session, at GMT0500, the pair is trading at 0.8377, with the Euro trading 0.12% higher against Sterling from the New York close.

The pair witnessed a high of 0.8408 and a low of 0.8365 in the New York session.

The pair is expected to find its first support at 0.8359 and first resistance at 0.8402. The second support is expected at 0.8340 and second resistance at 0.8426.

Formation of a bullish harami candlestick pattern on the 4H chart, hints at bullish momentum in the coming session.

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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.