Welcome, my fellow traders! I have prepared a price forecast for the USCrude, XAUUSD, and EURUSD using a combination of the margin zones method and technical analysis. Based on the market analysis, I suggest entry signals for intraday traders.
Yesterday, oil extended its short-term uptrend.
The article covers the following subjects:
Major Takeaways
- USCrude: Yesterday, the oil price approached the first bullish target of 63.87. However, today it is declining.
- XAUUSD: Gold has once again pulled back to the support A of 4,907–4,886.
- EURUSD: Euro prices continue to fall within the short-term downtrend.
Oil Price Forecast for Today: USCrude Analysis
Yesterday, oil approached the first bullish target of 63.87 within a short-term uptrend. Consider holding long trades opened at the support B of 62.43–62.11. The second target is the 65.63 level.
If the price breaks below the support of 62.43–62.11 today, the short-term trend will turn bearish. In this case, consider short trades on the next trading day with a target in the lower Target Zone of 59.24–58.60.
USCrude Trading Ideas for Today:
Hold long trades opened at the support B of 62.43–62.11. TakeProfit: 63.87, 65.63. StopLoss: 61.40.
Gold Forecast for Today: XAUUSD Analysis
Once the gold price hit the first bullish target for the trades initiated at the support A of 4,907–4,886, it reversed and went into a second correction. The asset is now testing support A again. If bulls manage to keep the price above this zone, long trades can be considered again with the same targets. If the metal drops below this zone, a deeper correction may unfold.
If so, the gold price may plunge to the support B of 4,801–4,769, the boundary of the short-term uptrend. Consider long trades near this zone with the main target at 5,119.
XAUUSD Trading Ideas for Today:
Watch the market.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro continues to weaken. The price has pierced the 1.1854 level. The next bearish target is the February low of 1.1765. Once the price reaches this low, one may close the remaining trades and wait for the price to test the lower Target Zone of 1.1758–1.1725.
If the EURUSD pair breaks below the lower Target Zone, the next target will be the Gold Zone of 1.1650–1.1639.
If the price climbs and breaks above the resistance B of 1.1943–1.1927, the downtrend will reverse. In this case, consider long trades with a target in the upper Target Zone of 1.2122–1.2089.
EURUSD Trading Ideas for Today:
Hold part of short trades opened at resistance B of 1.1943–1.1927. TakeProfit: 1.1765. StopLoss: at breakeven.
Would you like to learn more about technical analysis methods and principles? Explore our comprehensive guide.
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Price chart of USCRUDE in real time mode
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