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.
The euro is testing the key resistance of the short-term downtrend.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil turned bearish yesterday.
- XAUUSD: Gold’s short-term downtrend reversed, and the price reached the first bullish target of 4,414.
- EURUSD: The euro may change direction and begin to move upward.
Oil Price Forecast for Today: USCrude Analysis
Yesterday, oil’s short-term uptrend shifted to a downtrend after the US signals of possible de-escalation with Iran. As a result, the price broke below the key support at 92.07–91.25 and approached the lower Target Zone of 84.57–82.93. However, large short trades were closed near the Target Zone, pushing the price higher.
Today, the oil price is trading in a bullish correction. During the rally, the asset broke above the resistance A at 89.98–88.44. Therefore, the correction may extend to the resistance B at 92.99–92.17. Consider short trades near this zone with the first target at 88.47 and a second one at 83.97.
USCrude Trading Ideas for Today:
Sell near resistance B at 92.99–92.17. TakeProfit: 88.47, 83.97. StopLoss: 94.50.
Gold Forecast for Today: XAUUSD Analysis
Yesterday, gold turned bullish in the short term due to high volatility. The price settled above the resistance B at 4,393–4,367. However, today, a bearish correction began, and the asset tested the support A at 4,333–4,315. Bulls managed to keep the price above this zone, and the metal started to climb, reaching the first target at 4,414. The next bullish target is yesterday’s high of 4,512.
If the gold price breaks above yesterday’s high, the next bullish target will be the upper Target Zone at 4,689–4,635. Should the asset break below the support A today, the correction may continue to the support B at 4,244–4,217.
XAUUSD Trading Ideas for Today:
Hold part of long trades opened near support A at 4,333–4,315. TakeProfit: 4,414, 4,512. StopLoss: at breakeven.
Euro/Dollar Forecast for Today: EURUSD Analysis
Today, the euro is testing the key resistance of the short-term downtrend at 1.1589–1.1572. If the price closes above this zone in the US trading session, one may consider long trades on the next trading day with a primary target in the upper Target Zone of 1.1767–1.1734.
If the euro declines below the resistance B at 1.1589–1.1572, short trades can be opened with the first target at 1.1500 and the second one at 1.1410. Should the EURUSD pair fall further, the next bearish target will be the Target Zone 3 at 1.1315–1.1293.
EURUSD Trading Ideas for Today:
Watch the market.
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Price chart of EURUSD in real time mode
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