Gold managed to turn its early losses for today into gains on its last trading levels, taking advantage of its trading above EMA50, providing dynamic support that increase the chances of extending these gains in the near upcoming period, especially when breaching the key and near resistance to chance the negative overview, with the emergence of positive overlapping signals from the relative strength indicators.

The EURUSD pair rose higher in its last intraday trading, taking advantage of the positive signals from the relative strength indicators after forming positive divergence that provided bullish momentum that helped it to achieve these gains, which helped it to surpass EMA50’s resistance, in a positive step that reinforces the chances of extending these gains in the near upcoming period, especially when breaching the near key resistance.

The EURGBP formed a new bearish trend, taking advantage of reaching below 0.8610 level, holding near the initial main target at 0.8565 level.

The main stability within the bearish channel’s levels and the continuation of the negative momentum by the main indicators will increase the efficiency of the bearish trend, to expect the attempt of targeting 0.8540 level, reaching the bearish channel’s support at 0.8520. 

The expected trading range for today is between 0.8540 and 0.8580

Trend forecast: Bearish

The EURJPY pair failed to breach the barrier at 185.80, forcing it to provide negative trading, to reach %50 Fibonacci corrective level near 184.85, to begin forming sideways trading to reinforce the chances of gaining extra positive momentum.

Reminding you that the bullish scenario will remain valid, depending on the continuation of forming main support at 184.20 level, making us keep the bullish scenario by the attempt of targeting 185.30 level, to repeat the attempts of pressing on the previously mentioned barrier, while breaking the main support and holding below it will confirm its move to the negative trend, forcing it to suffer several losses by reaching 183.70 initially.

The expected trading range for today is between 184.600 and 185.80

Trend forecast: Bullish