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.
Today, the euro opened with a gap down.
The article covers the following subjects:
Major Takeaways
USCrude: Oil prices opened with a gap up and reached 113.00.
XAUUSD: Gold is trading in a short-term uptrend, testing the key support level of 5,101–5,069.
EURUSD: The euro has reached its second bearish target in the 1.1530 range.
Oil Price Forecast for Today: USCrude Analysis
Oil prices in the US are facing one of the sharpest reversals in history. At 10:30 p.m. Eastern Time, US oil prices jumped by about 30% in just one day.
However, the Financial Times soon reported that the G7 countries were considering releasing about 400 million barrels from strategic reserves. Less than four hours after this news, crude prices returned to around $100 per barrel, reducing their growth to 12% and erasing more than half of the daily rally.
Oil is trading in a short-term uptrend. In the current conditions, it is useless to mark margin zones, as the market is driven solely by news and emotions.
The nearest support level is at 91.30, where the EMA 21 passes. At this level, you can consider buying oil with the first target at 105.33 and the second target at 113.13. If the price breaks through the 97.30 support level today, the correction will likely continue towards the EMA 190 at 76.85. Notably, this level is acting as the trend boundary.
USCrude Trading Ideas for Today:
Buy near 97.30. TakeProfit: 105.33. StopLoss: 93.40.
Gold Forecast for Today: XAUUSD Analysis
Gold is testing the key support of the medium-term uptrend at 5,101–5,069. Bulls have managed to keep the price above this zone. Therefore, long positions can be considered near it with the first target at 5,244 once a pattern appears on the chart. The second bullish target is at 5,419. Notably, the pattern may emerge if the price exceeds the March 6 high.
If gold slides below the support B 5,101–5,069, the uptrend will likely reverse. In this case, consider selling gold with the target at the lower Target Zone of 4,783–4,719.
XAUUSD Trading Ideas for Today:
Watch the market.
Euro/Dollar Forecast for Today: EURUSD Analysis
Today, the euro opened with a gap down against the US dollar. As a result, short positions opened at the resistance A 1.1659–1.1638 reached the second target at the March 3 low in the 1.1530 area. The pair also tested the Target Zone 2, 1.1531–1.1509. If the price drops below this zone, the next target will be the Gold Zone 2, 1.1423–1.1412.
If bulls manage to keep the price above the Target Zone 2, an upward correction may begin. If so, the pair may increase to the resistance zone A 1.1626–1.1615. After testing this resistance area, consider short trades with the first target at 1.1566 and the second target at 1.1507.
EURUSD Trading Ideas for Today:
Sell near resistance A 1.1626–1.1615. TakeProfit: 1.1566, 1.1507. StopLoss: 1.1650.
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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