The price of EURUSD surrendered to negative pressure on its last intraday levels, after it managed to offload some of its oversold conditions, to lose the bullish momentum that helped it to recover some of its previous losses in its early moves, amid the dominance of steep bearish wave on short-term basis, with the continuation of the negative pressure due to its trading below EMA50, reducing the chances of a recovery on near period.

The GBPCHF price activated the bullish corrective trend to end facing the barrier near 1.0665, forcing it to provide weak sideways trading as appears in the above image.

The stability of the current barrier is supported by the stability of the moving average 55 might force the price to renew the negative attempts, to reach 1.0605 then press on 1.0550 support, while regaining the bullish bias requires forming strong bullish rally, to settle above %61.8 Fibonacci extension level at 1.0695.

The expected trading range for today is between 1.0660 and 1.0550

Trend forecast: Bearish

The EURJPY pair failed to breach 184.00 barrier, obstructing the attempts to resume the bullish trend, which forces it to form sideways trading by its fluctuation near 183.55.

Reminding you that the bullish scenario will remain valid by the stability of the trading above the bullish channel’s support at 182.75, confirming the importance of surpassing the barrier, to ease the mission of recording extra gains by its rally towards 184.85 and 185.45, while breaking the bullish channel’s support and holding below it will force it to form strong bearish waves to suffer several losses by reaching 181.50.

The expected trading range for today is between 183.00 and 184.00

Trend forecast: Sideways 

The GBPJPY pair ended the bullish rally by facing an important barrier near 213.00, which forces it to form weak sideways trading by its fluctuation near 212.75.

The stability below this barrier might push the price to form bearish waves, to reach 211.35, while the price success in surpassing the barrier and holding above it will provide a chance for recording extra gains that might extend to 213.40 and 214.15.

The expected trading range for today is between 211.35 and 213.00

Trend forecast: Bearish