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

The GBPJPY pair formed some bullish trading, to reach 61.8%Fibonacci correction level at 214.30, which forms a strong barrier to begin forming strong bearish waves, confirming the previously mentioned bearish scenario, to settle near 211.50.

The continuation of providing negative momentum by the main indicators will ease the mission of breaking the barrier at 211.30 level, to open the way for resuming the bearish trend, to expect reaching 210.45 support, which represents a confirmation key for the expected trend in the near and medium trading, as breaking this support will force the price to suffer extra losses that might extend towards 209.65 and 209.00.

The expected trading range for today is between 210.45 and 214.20

Trend forecast: Bearish