Copper price’s trading extended towards 68% Fibonacci correction level, recording the second target at $4.9000, to form an extra barrier against the bullish rally.

We expect price affection by some of the negative pressures, especially, stochastic attempts to exit the overbought level, which might increase the chances for activating the bearish correctional track and suffering some losses by reaching $4.7700 and $4.6800, while the price success to breach the obstacle will reinforce the chances for recording new gains that might extend towards $4.9600 reaching the next barrier near $5.0300.

The expected trading range for today is between $4.7700 and $4.900

Trend forecast: Fluctuated within the bullish track

The EURUSD price rose in its last intraday trading, after leaning on the support of the EMA50, which assisted it to bounce higher to attempt to compensate some of yesterday’s losses, attempting to offload some of its oversold conditions that appear on the (RSI), which represents a signal for forming positive divergence that reinforces the chances of temporary rebound.

Despite this, the EURUSD remains under negative pressure due to the formation of a negative technical pattern on the short-term basis (the rising wedge)which formed in the end of the bullish wave, reinforcing the chance for a decline in the future.

the GBPUSD rose in its recent intraday trading, after it declined yesterday, attempting to look for a rising bottom to take it as a base that might help it to gain the required positive momentum to recover, to approach in its last trading from leaning on the support of the EMA50, which forms positive pressure that pushed the price to rebound to return its early losses into slight gains.

This came amid the dominance of the main bullish trend on the short-term basis, and the beginning of forming positive divergence on the (RSI), after reaching exaggerated oversold levels compared with the price current movement, and the beginning of positive overlapping signals on them.

The USDJPY declined in its recent intraday trading, as it reached the resistance of its EMA50, which forces it to bounce lower to attempt to gain positive momentum that assist it to surpass the negative pressure, and it attempts to offload some of its clear overbought conditions that appear on the (RSI), especially with the emergence of negative overlapping signals.

This came due to the price affection by its exit from a minor bearish channel that limited its previous trading on a short-term basis.