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 has broken below the key support level.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil is approaching the May 12 high.
- XAUUSD: Gold has reached its first bearish target of 4,617.
- EURUSD: The euro may reverse its trend downward.
Oil Price Forecast for Today: USCrude Analysis
During yesterday's correction, the oil price failed to test the support A of 93.93–93.39. Today, the price is nearing the May 12 high. If the asset exceeds this level, it may rally to the upper Target Zone of 104.68–103.06.
If oil remains below the May 12 high, a new downward correction will begin, pushing the price down to the support zone A. Once this zone is tested, long trades can be considered.
USCrude Trading Ideas for Today:
Buy near support A of 93.93–93.39. TakeProfit: 96.36, 99.32. StopLoss: 92.07.
Gold Forecast for Today: XAUUSD Analysis
Gold continues its short-term downtrend. Today, the metal reached its first bearish target of 4,617. The next target is the May 4 low. If the price pierces this level, it may slide to the lower Target Zone of 4,466–4,423. Therefore, consider holding part of the trades opened at the resistance B of 4,734–4,713 at breakeven today.
Should the gold price settle above the 4,734 level, the trend will turn bullish, creating buying opportunities.
XAUUSD Trading Ideas for Today:
Hold short trades opened near resistance B of 4,734–4,713. TakeProfit: 4,500. StopLoss: at breakeven.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro has broken below the key support level of the short-term uptrend at 1.1687–1.1670. If the price closes below this support zone today, the trend will turn bearish. In that case, consider short trades next week, with the primary target in the lower Target Zone of 1.1525–1.1492.
If the EURUSD pair climbs back to the support B during trading, a bullish pattern may form. In this scenario, consider long trades, targeting 1.1760 and 1.1849.
EURUSD Trading Ideas for Today:
Watch the market.
Would you like to learn more about technical analysis methods and principles? Explore our comprehensive guide.
P.S. Did you like my article? Share it in social networks: it will be the best "thank you" :)
Useful links:
- I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
- Use my promo code BLOG to get a 50% deposit bonus on the LiteFinance platform. Simply enter this code in the appropriate field when funding your trading account.
- Telegram chat for traders: https://t.me/litefinancebrokerchat. We are sharing the signals and trading experience.
- Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/litefinance
Price chart of EURUSD in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance broker. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2014/65/EU.
According to copyright law, this article is considered intellectual property, which includes a prohibition on copying and distributing it without consent.
