Currencies Update

Currencies Update

EURUSD

The Euro traded 0.03% higher against the US Dollar during the week, with the pair closing the session at 1.1198.

At GMT0500, the Euro is trading at 1.1194 against the US Dollar, marginally higher from the New York close.

During the week, the pair traded at a high of 1.1296 and a low of 1.1132.

The pair is expected to find its first weekly support at 1.1121, and a fall through could take it to the next support level of 1.1045. The pair is expected to find its first resistance weekly at 1.1285, and a rise through could take it to the next resistance level of 1.1373.

A potential 50line crossover from above by the 4H RSI indicates bearishness in the near term.

GBPUSD

The GBP traded 0.29% higher against the USD during the week, with the pair closing the session at 1.2783.

The Pound is trading at 1.2773 against the US Dollar at GMT0500 in the Asian session, 0.03% lower from the New York close.

During the week, the pair traded at a high of 1.2818 and a low of 1.2639.

Immediate downside, the first weekly support level is seen at 1.2675, followed by 1.2568, while on the upside, the first weekly resistance level situated in 1.2854, followed by 1.2926.

The formation of the Three Outside Up pattern on the chart suggests that the previous downtrend is coming to an end with a possible reversal in price.

USDJPY

The US Dollar traded 0.51% higher against the Yen during the week, with the pair closing the session at 110.88.

The pair is trading at 110.98 at GMT0500 in the Asian session, with the US Dollar trading 0.1% higher against Yen from the New York close.

The pair witnessed a high of 111.42 and a low of 108.83 during the week.

Immediate downside, the first weekly support level is seen at 109.33, followed by 107.79, while on the upside, the first weekly resistance level situated in 111.92, followed by 112.97.

The Stochastic Oscillator is placed below 50 suggesting that the room for a downside still exists.

EUR GBP

During the week, the EUR traded 0.27% lower against the GBP and ended at 0.8761.

In the Asian session, at GMT0500, the pair is trading at 0.8763, with the EUR trading 1.25% higher against GBP from the New York close.

During the week, the pair traded at a high of 0.8780 and a low of 0.8766.

The pair is expected to witness its first weekly support at 0.8758 and second support at 0.8754, while the first weekly resistance is expected at 0.8772 and second resistance at 0.8784.

Formation of a bearish engulfing candlestick pattern on the 4H chart, hints at 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.