Currencies Update

Currencies Update

EURUSD

The Euro weakened against the US Dollar in the New York session yesterday, closing 0.02% lower at 1.1150.

At GMT0500, the Euro is trading at 1.1144 against the US Dollar, 0.05% lower from the New York close.

The Euro hit a high of 1.1159 and a low of 1.1132 against the US Dollar in the New York session.

The pair is expected to find its first support at 1.1110 and first resistance at 1.1201. The second support is expected at 1.1075 and second resistance at 1.1257.

Formation of a bearish engulfing candlestick pattern on the 2H chart, hints at bearishness in the near term.

GBPUSD

In the New York session yesterday, the Pound strengthened 0.13% against the US Dollar to close at 1.2754.

The pair is trading at 1.2774 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 1.2773 and a low of 1.2733 in the New York session.

Immediate downside, the first support level is seen at 1.2712, followed by 1.2649, while on the upside, the first resistance level situated in 1.2816, followed by 1.2857.

Price has crossed the short term SMA from below, generating a bullish signal.

USDJPY

The USD traded 0.47% higher against the JPY in the New York session yesterday, with the pair closing the session at 110.89.

The pair is trading at 111.23 at GMT0500 in the Asian session, with the US Dollar trading 0.31% higher against Yen from the New York close.

In the New York session, the pair traded at a high of 110.98 and a low of 110.21.

The pair is expected to find its first support at 110.05 and first resistance at 111.84. The second support is expected at 108.87 and second resistance at 112.45.

Stochastic Oscillator has moved up from the oversold territory generating a bullish signal.

EUR GBP

Yesterday, the Euro traded 0.16% lower against the Sterling in the New York session and ended at 0.8742.

In the Asian session, at GMT0500, the pair is trading at 0.8724, with the Euro trading 0.21% lower against Sterling from the New York close.

The pair witnessed a high of 0.8752 and a low of 0.8736 in the New York session.

The pair is expected to find its first support at 0.8697 and first resistance at 0.8776. The second support is expected at 0.8670 and second resistance at 0.8829.

A possible negative centreline crossover by the 8H MACD, indicates bearish 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.