I welcome my fellow traders! I have made a price forecast for the USCrude, XAUUSD, and EURUSD using a combination of margin zones methodology and technical analysis. Based on the market analysis, I suggest entry signals for intraday traders.
The euro continues to trade in a downward correction.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil has reached its first bearish target for the trades opened at the resistance (A) 64.61–64.30.
- XAUUSD: Gold is trying to rise after hitting the support (A) 3,632–3,624.
- EURUSD: The euro has pierced the support (A) 1.1802–1.1791 during a correction.
Oil Price Forecast for Today: USCrude Analysis
Yesterday, oil continued to trade in a short-term downtrend. Today, the asset hit the first bearish target near 62.90 for the trades opened at the resistance (A) 64.61–64.30. The next target is 61.20. Therefore, consider holding the remaining short trades at the breakeven level until the price reaches the second target.
If the price starts to rise and breaks through this week's high today, it may breach the resistance (A) 64.61–64.30. In this case, the correction will continue to the resistance (B) 66.31–65.85.
USCrude Trading Ideas for Today:
Hold up short trades opened at resistance (A) 64.61–64.30. TakeProfit: 61.19. StopLoss: at the breakeven.
Gold Forecast for Today: XAUUSD Analysis
Gold is trading in a downward correction within the short-term uptrend. Yesterday, the asset reached the support (A) 3,632–3,624. Traders had a chance to open long trades near this zone with the first target at 3,666. The second bullish target is this week's high of 3,707.
If the price pierces the support (A) today, the correction will continue to the support (B) 3,594–3,583, the short-term trend's boundary. Thus, one may consider long trades near this zone.
XAUUSD Trading Ideas for Today:
Hold up long trades opened at support (A) 3,632–3,624. TakeProfit: 3,666, 3,707. StopLoss: 3605.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro continues to decline in a correction. Today, the price broke through the support (A) 1.1802–1.1791. The price will likely try to test the support (B) 1.1744–1.1727, the trend boundary. Once this zone is reached, long trades can be considered with the first target at 1.1823 and the second at this week's high of 1.1918.
The asset should pierce and settle below the 1.1727 level to create selling opportunities and reverse the trend. In this case, short trades can be considered with a target in the lower Target Zone 1.1570–1.1536.
EURUSD Trading Ideas for Today:
Buy near support (B) 1.1744–1.1727. TakeProfit: 1.1823, 1.1918. StopLoss: 1.1684.
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.
