Gold price remains under pressure and continues to trade with losses during its recent intraday movements, amid ongoing negative dynamic pressure from trading below EMA50, which reduces the chances of a near-term recovery. This comes alongside negative signals from the relative strength indicators after reaching heavily overbought levels. All of this occurs within the framework of a dominant short-term corrective bearish trend, reinforcing the likelihood of further declines in the upcoming sessions.

The EURUSD pair declined during its recent intraday trading, amid continued negative pressure from trading below the EMA50, which reinforces the dominance and stability of the short-term corrective bearish trend. This comes alongside the appearance of a clear negative divergence in the relative strength indicators, reflecting weakening positive momentum and increasing the likelihood of further declines in the near term.

The EURGBP attempted to get rid of the negative trend by its rally above the minor bearish channel’s resistance, to face strong barrier near 0.8730 level, reaching 0.8670 to settle again within the bearish channel.

Stochastic attempt to provide negative momentum might help it to renew the bearish attempts, to expect reaching 0.8642 then repeat the attempts of pressing on 0.8615 support, while surpassing the bearish channel’s resistance at 0.8695 will increase the chances of renewing the bullish attempts by reaching the previously mentioned barrier, then monitoring its behavior to detect the main trend in the upcoming trading.

The expected trading range for today is between 0.8642 and 0.8700

Trend forecast: Bearish

The EURJPY pair surrendered to the contradiction of the main indicators, to announce forming some bullish waves to settle near 185.20.

Reminding that the stability below 185.50 barrier supports the continuation of the suggested scenario, to keep waiting for gathering negative momentum to renew the pressure on 184.25 to find an exit for targeting new negative stations that might begin at 183.50 and 182.75.

The expected trading range for today is between 183.50 and 185.30

Trend forecast: Bearish