Gold continued its upward movement during recent intraday trading after breaking  a short-term descending price channel that constrained its previous movement. This breakout coincided with the price overcoming the negative pressure from the EMA50, giving it additional positive momentum and enabling it to break above the $4,700 resistance level. Positive signals are also emerging from relative strength indicators, despite reaching heavily overbought levels.

The EURUSD pair extended its strong gains during its recent intraday trading, approaching the resistance level of 1.1790, which had been a price target in our morning analysis. This move is supported by the pair’s continued trading above the EMA50, reinforcing the stability and dominance of the main short-term bullish trend. The price is also moving alongside a supportive trendline for this upward path. In the background, positive signals are emerging from relative strength indicators, despite them reaching heavily overbought levels.

Despite the neediness of coffee price to the positive momentum in the last period, its stability above 276.00 support helped to provide a chance for activating the previously suggested bullish trend, surpassing 295.00 level makes us begin targeting some positive stations by its rally towards 313.00 reaching 66.8%Fibonacci correction level at 329.60.

Facing new negative pressures and breaking the current support will force it to suffer several losses, to expect to reach 257.00 initially followed by 233.40 level.

The expected trading range for today is between 282.00 and 313.00

Trend forecast: Bullish

The EURJPY pair confirmed the previously suggested bearish scenario, to test the barrier at 184.85, then to begin forming strong bearish trading, to settle neat the previously suggested target at 182.20 level.

Note that the continuation of providing negative momentum by the main indicators will increase the efficiency of the bearish trend, to expect breaking 182.20 level and holding below it, targeting extra negative stations might begin from 181.50 reaching the next support at 180.80, while regaining the bullish bias requires providing a daily positive close above 184.85 level.

The expected trading range for today is between 181.80 and 184.80

Trend forecast: Bearish