EUR/USD

Current level – 0.9895

The bulls prevailed and the currency pair breached the resistance zone at 0.9875. During the early hours of today’s trading, the pair is trading above the mentioned level and a test of the next target at 0.9925 is the most probable scenario. А successful violation of the upper resistance at 0.9999 could easily lead to a rally and would strengthen positive expectations for the future path of EUR/USD. Bears may lead the pair for a test at the zone at 0.9808 if bullish momentum wanes. If they were to break through this zone, the pair may easily continue to drop and move in the direction of the 0.9734 support level.

USD/JPY

Current level – 148.89

The dollar recovered some of its recent losses against the yen, after the Bank of Japans’ intervention, and at the time of writing the analysis, the Ninja is consolidating just under the resistance at 149.06. If the bulls prevail, a breach of the mentioned zone could pave the way for a test of the next target at 150.02, where a violation will most likely lead to a rally and an attack of the high at 151.92. If the bears re-enter the market, a breakthrough of the support at 147.71 could form the current move as a correction to the drop and could easily lead to a decline towards the lower target at 146.94.

GBP/USD

Current level – 1.1315

Neither the bears, nor the bulls managed to prevail and trading remained limited in the zone between 1.1222 and 1.1336. A successful violation of the upper border and a breach of the next target at 1.1396 could lead to a rally and could easily lead the pair to a test of the local high at 1.1493. The first support for the bears could be found at 1.1222, followed by the important zone at 1.1059.

Gold price is stable

Gold price hovers around the EMA50 since yesterday, and as long as the price is below 1660.00, our bearish overview will remain valid for the upcoming period, waiting to get negative motive that assists to push the price to head towards our main expected target at 1615.00.

On the other hand, we should note that breaching 1660.00 will lead the price to achieve new intraday gains that target 1686.40 areas mainly.

The expected trading range for today is between 1625.00 support and 1665.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis