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.
Last week, the euro's short-term trend turned bearish.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil has reached the upper Target Zone of 104.68–103.06.
- XAUUSD: Gold has reached its second bearish target near 4,500.
- EURUSD: The euro has turned bearish.
Oil Price Forecast for Today: USCrude Analysis
Oil has increased to the Target Zone of 104.68–103.06. If the price breaks above this zone, the next bullish target will be the Gold Zone of 108.99–108.45. If bears defend the Target Zone today, a downward correction will begin.
If the correction develops, the oil price may fall to the support A of 98.45–97.91. Consider long trades near this zone, with the first target at 100.89 and the second one at 103.84.
USCrude Trading Ideas for Today:
Buy near support A of 98.45–97.91. TakeProfit: 100.89, 103.84. StopLoss: 96.55.
Gold Forecast for Today: XAUUSD Analysis
Gold has dropped to the second bearish target near the May 4 low. If bears manage to hold the price below this level, the next target will be the Target Zone of 4,466–4,423.
If an upward correction begins at current prices, the metal may reach the resistance A of 4,636–4,622. Short trades can be considered near this zone, with the first target at 4,558 and the second one around 4,480.
XAUUSD Trading Ideas for Today:
Sell near resistance A of 4,636–4,622. TakeProfit: 4,558. 4,480. StopLoss: 4,669.
Euro/Dollar Forecast for Today: EURUSD Analysis
Last week, the euro changed its short-term trend to a downtrend by breaking below the key support of 1.1687–1.1670. The bearish target now is the lower Target Zone of 1.1525–1.1492.
Currently, the price is correcting higher. If the correction persists, the euro price may climb to the resistance A of 1.1714–1.1704. Once this zone is tested, consider short trades, with the first target at 1.1661 and the second one at 1.1608. If the asset falls below today's low, the resistance levels should be adjusted.
EURUSD Trading Ideas for Today:
Sell near resistance A of 1.1714–1.1704. TakeProfit: 1.1661, 1.1608. StopLoss: 1.1737.
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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