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 surged against the US dollar this week.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil is attempting to continue its short-term uptrend.
- XAUUSD: Gold is falling after hitting the Target Zone 2, 4,898–4,874.
- EURUSD: The euro has tested the resistance B 1.1755–1.1739, the boundary of the short-term downtrend.
Oil Price Forecast for Today: USCrude Analysis
Yesterday, the oil price tested the support B 59.37–59.09. However, bulls managed to keep the asset above this zone, and the price started to climb. Afterward, it failed to reach the first target at 60.64 and declined in a correction.
The price will likely retest the support B. Thus, you may hold your long trades open and look for new entries. The first bullish target is at 60.64, and the second one is 62.18.
The oil price should settle below the support B to reverse the trend and create selling opportunities.
USCrude Trading Ideas for Today:
Hold long trades opened at support B 59.37–59.09. TakeProfit: 60.64, 62.18. StopLoss: 58.50.
Gold Forecast for Today: XAUUSD Analysis
Gold prices continued to rise today. As a result, the asset reached the Target Zone 2, 4,898–4,874. If the price breaks above this zone, the next bullish target will be the Gold Zone 2, 5,006–4,994. If not, a downward correction may begin, dragging the price down to the support A 4,768–4,756.
Once the support A is tested, long trades can be considered with the first target at 4,822 and the second one at 4,888.
XAUUSD Trading Ideas for Today:
Buy near support A 4,768–4,756. TakeProfit: 4,822, 4,888. StopLoss: 4,725.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro has risen sharply against the US dollar this week. However, the rally is only a correction within the short-term downtrend. During the correction, the price reached the resistance B 1.1755–1.1739, the trend boundary. Short trades can be considered near this zone, with the first target at 1.1666 and the second one at 1.1577.
If the euro/dollar price breaks above the resistance B today, the downtrend will reverse. In this case, consider long trades with a target in the upper Target Zone 1.1933–1.1901.
EURUSD Trading Ideas for Today:
Sell/hold short trades opened at resistance B 1.1755–1.1739. TakeProfit: 1.1666, 1.1577. StopLoss: 1.1785.
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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