Welcome, my fellow traders! I have prepared a price forecast for 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 has reached its highest level since November 2, retesting the 1.1230–1.1243 resistance zone.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil remains in a short-term downtrend.
- XAUUSD: Gold is testing the resistance B at 4,037–4,022.
- EURUSD: The euro is testing the boundary of a short-term downtrend.
Oil Price Forecast for Today: USCrude Analysis
Oil prices are undergoing an upward correction within the broader short-term downtrend. If the price reaches the resistance zone A of 97.35–97.79, consider opening new short positions, with an initial target at 95.35. The second target is yesterday’s low of 92.92.
If the resistance A is broken through, the correction could extend toward the resistance zone B of 99.56–100.23, the boundary of the prevailing trend. This zone could provide another opportunity to enter short positions.
USCrude Trading Ideas for Today:
Sell near resistance A at 97.79–97.35. TakeProfit: 95.35, 92.92. StopLoss: 98.86.
Gold Forecast for Today: XAUUSD Analysis
Today, gold pierced the resistance zone A of 3,971–3,981 and advanced to resistance zone B of 4,022–4,037. The latter zone marks the boundary of the short-term downtrend. Therefore, consider opening short positions near this area, targeting 3,954 and 3,870.
However, a decisive break above the resistance zone B would signal a potential trend reversal. In this scenario, starting from the next trading session, consider opening long positions, targeting the upper Target Zone at 4,174–4,205.
XAUUSD Trading Ideas for Today:
Sell near resistance B at 4,037–4,022. TakeProfit: 3,954, 3,870. StopLoss: 4,069.
Euro/Dollar Forecast for Today: EURUSD Analysis
Yesterday, the euro reached its first bearish target of 1.1173 after reversing from the resistance zone B of 1.1230–1.1243. Following this move, the pair entered an upward correction, driven by US dollar weakness amid the US midterm elections.
Today, the EUR/USD pair has exceeded its November 2 high and retested the resistance zone B. If bears manage to defend this area again, consider opening short positions with targets at 1.1173 and 1.1104.
However, if the resistance zone B is violated, the short-term downtrend may reverse. In this scenario, starting from the next trading session, consider opening long positions, targeting the upper Target Zone at 1.1356–1.1381.
EURUSD Trading Ideas for Today:
Watch the market.
Would you like to learn more about technical analysis methods and principles? Explore our comprehensive guide.
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Price chart of EURUSD in real time mode
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