Gold witnessed limited gains on its last trading levels, with the emergence of positive overlapping signals from the relative strength indicators, after reaching oversold levels, and attempting to recover some previous losses, amid the dominance of the main bearish trend on the short-term basis, with the continuation of the negative pressure due to its trading below EMA50, which reduces the chances of full recovery in the upcoming near period.

The EURUSD pair settles lower in its last intraday trading, affected by the stability of the resistance at 1.1430, with the emergence of the negative signals from the relative strength indicators, after offloading its oversold conditions, to surpass EMA50’s support, putting it under negative pressure that will increase when breaking the bullish corrective trend on the short-term basis.

The EURNZD price ended its last bullish rally by recording 2.0235 level, to face %61.8 Fibonacci correction level, which represents a strong barrier to settle near 2.0100.

The stability of the trading below the barrier and providing negative momentum by surpassing the overbought level make us expect forming new bearish waves, to attempt to reach 1.9985, and the continuation of the negative pressure might extend the losses towards %38.2 Fibonacci correction level near 1.9915.

The expected trading range for today is between 2.0165 and 1.9985

Trend forecast: Bearish

The EURJPY pair succeeded in holding above 184.20 level, to reinforce its surrender to the bullish scenario, to record the previously suggested main target at 185.80.

Facing %66.8 Fibonacci correction level makes us monitor its behavior and wait for the next close to detect the main trend, so the stability above 185.80 will provide a chance for targeting more positive stations by its rally towards 186.20 and 186.60, while the failure to breach it will force the price to provide mixed sideways trading, with a chance to decline towards 184.90 before any attempt to record the suggested targets.

The expected trading range for today is between 185.30 and 186.20

Trend forecast: Bullish