Gold prices rose during their latest intraday trading, benefiting from the formation of a positive divergence on the relative strength indicators after it reached extremely oversold levels, excessively compared with the price movement, accompanied by emerging positive signals from the indicator. However, despite this strong performance, the price remains under pressure as it trades below EMA50, while the main short-term bearish trend remains dominant. This threatens to erase those gains unless the price manages to reclaim its key nearby resistance levels.

The EURUSD pair returned to decline in its last intraday trading, after offloading its oversold conditions on the relative strength indicators, gaining bullish momentum that helped it achieve cautious gains in the beginning of today’s trading, however, the price remains affected by breaking bullish trend line on the short-term basis, with a negative pressure due to its trading below EMA50, which represents dynamic resistance that reduces the chances of full recovery in the near upcoming period.

The EURGBP continued to provide bullish corrective waves, to reach the target at 8550.00, note that holding below 0.8570 besides reaching the overbought levels by stochastic confirms the beginning of surpassing the positive pressures, to expect renewing the negative trading soon, to attempt to reach 0.8525 and 0.8500.

While breaching the mentioned barrier and holding above it will cancel the negative scenario in the current trading, providing a chance for recovering more losses by its rally gradually towards 0.8585 and 0.8610.

The expected trading range for today is between 0.8500 and 0.8555

Trend forecast: Bearish

The EURJPY pair succeeded in achieving the initial target at 186.65, which represents an extra barrier against the bullish rally, forcing it to provide some sideways trading by its fluctuation near 186.40 level.

Note that the bullish scenario will remain valid if the current main support settles at 184.30, beside providing new support at 186.00 by the main indicators, these factors make us wait for breaching the current barrier, to reinforce the chances of recording extra gains that might extend towards 186.95 reaching 187.60, attacking key resistance to detect the expected main trend in the upcoming trading.

The expected trading range for today is between 185.90 and 186.95

Trend forecast: Bullish