Copper price resumed its bullish rally, to notice its approach from $4.5600 this morning, which represents 50%Fibonacci correction level for the last decline, which began from the top at $5.3200.

Note that the continuation of copper’s price stability below $4.5600 level as an important barrier might push it to delay the bullish attack, and providing new negative trading, to target $4.4300 and $4.3200, while breaching the barrier and holding above it will reinforce the chances for recording extra gains that might extend to $4.6800 and $4.7500.

The expected trading range for today is between $4.4300 and $4.5600

Trend forecast: Bearish

The EURUSD in its recent intraday trading, after previously succeeding in correcting an overbought condition that was evident in the Relative Strength Index (RSI). This healthy technical correction has assisted the pair to settle and prepare it for a new bullish wave, reflecting the strength of current positive momentum.

This comes amid the dominance of a main upward trend in the short- term basis, with trading along a rising trendline and continued positive pressure as it remains above the EMA50.

The GBPUSD price rose during its recent intraday trading, after witnessing slight rebound in previous moves, to gain profit and easing the clear overbought conditions shown by the Relative Strength Index (RSI). This healthy technical correction has restored positive momentum to the pair, allowing it to start recovering and moving upward confidently, supported by strong technical factors.

The pair is moving within a primary short-term uptrend along a trendline, with continued positive support, due to its trading above the EMA50.

The USDJPY pair began the week’s trading with a sharp decline on the intraday levels, approaching from breaking of the current support level at 142.25. This comes amid continued dominance of the bearish trend in the short-term basis, beside its move along a minor trend line. This decline also followed the pair exiting an overbought condition that was previously clear on the Relative Strength Index (RSI) indicators, which paved the way for a new bullish wave as the positive momentum has vanished.