Currencies Update

Currencies Update

EURUSD

The Euro weakened against the US Dollar in the New York session yesterday, closing 0.11% lower at 1.1100.

At GMT0500, the Euro is trading at 1.1111 against the US Dollar, 0.1% higher from the New York close.

The Euro hit a high of 1.1137 and a low of 1.1073 against the US Dollar in the New York session.

The pair is expected to find its first support at 1.1073 and first resistance at 1.1150. The second support is expected at 1.1034 and second resistance at 1.1188.

A potential negative centreline crossover by the 2H MACD, indicates at possible correction in the near term.

GBPUSD

In the New York session yesterday, the Pound weakened 0.62% against the US Dollar to close at 1.2929.

The pair is trading at 1.2955 at GMT0500 in the Asian session, with the Pound trading 0.2% higher against US Dollar from the New York close.

The pair witnessed a high of 1.3030 and a low of 1.2889 in the New York session.

Immediate downside, the first support level is seen at 1.2880, followed by 1.2806, while on the upside, the first resistance level situated in 1.3038, followed by 1.3122.

The Williams %R indicator has crossed -20 from above indicating that the upside might remain limited.

USDJPY

The USD traded 0.77% higher against the JPY in the New York session yesterday, with the pair closing the session at 111.56.

The pair is trading at 111.36 at GMT0500 in the Asian session, with the US Dollar trading 0.18% lower against Yen from the New York close.

In the New York session, the pair traded at a high of 111.71 and a low of 110.65.

The pair is expected to find its first support at 110.48 and first resistance at 111.98. The second support is expected at 109.59 and second resistance at 112.59.

Price has crossed the lower Bollinger Band from below hinting that the downside might remain limited.

EUR GBP

Yesterday, the Euro traded 0.46% higher against the Sterling in the New York session and ended at 0.8583.

In the Asian session, at GMT0500, the pair is trading at 0.8579, with the Euro trading 0.05% lower against Sterling from the New York close.

The pair witnessed a high of 0.8586 and a low of 0.8536 in the New York session.

The pair is expected to find its first support at 0.8543 and first resistance at 0.8606. The second support is expected at 0.8507 and second resistance at 0.8633.

A recent formation of a bullish harami candlestick pattern on the 8H chart, hints at bullishness 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.