Short-term analysis for oil, gold, and EURUSD for 26.02.2021

I welcome my fellow traders! I have made a price forecast for US Crude, 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.

TZ 6 [64.92 – 64.41] remains a potential target for oil purchases, but in an overbought market, it could make sense to sell oil in the correction. Wait for the entry point.

The article covers the following subjects:

Oil price forecast for today: USCrude analysis

After breaking out Target Zone 5, traders tried to reach Target Zone 6 [64.92 – 64.41]. At the moment, the price is trading at level 62.75. TZ 6 remains a potential target, but in an overbought market, oil should be considered for sale in a correction. A pattern is required.

If the price returns below the level of 62.75, it is possible to consider a short trade with a target at the key support [59.18 – 58.73].

The short-term trend is up. Within the trend, the traders reached the Target Zone [63.54 – 63.09]. It was not possible to break out the resistance.

Now the price is trading in correction and testing Additional Zone [62.57 – 62.44]. Yesterday there was a test, which led to an increase in the rate, but the traders held the high of the European trading session.

If the bears manage to break out AZ today, the price will go to the correction in the Intermediary Zone [61.44 – 61.22]. This will be an opportunity for us to enter a sell trade.

USCrude trading ideas for today:

Sell when the Additional Zone [62.57 – 62.44] is broken out. TakeProfit: Intermediary Zone [61.44 – 61.22]. StopLoss: 63.25.

Gold price forecast for today: XAUUSD analysis 

Gold price continues to fall. The trend remains down. This week, the price reached Target Zone 2 [1759 – 1749].

Within the short-term trend, the traders have worked out the XAUUSD bearish trend. As a result, the Target Zone [1775 – 1765] was reached, and the February low was updated.

Further price fall will be possible if traders let the price slip below the Target Zone. In this case, the target will be the Gold Zone [1720 – 1715].

The nearest resistance level, which is worth paying attention to when looking for new sales, is located at levels [1788 – 1785].

XAUUSD trading ideas for today:

Sell according to the pattern in Additional Zone [1788 – 1785]. TakeProfit: 1758. StopLoss: according to the pattern rules.

Euro/Dollar forecast for today: EURUSD analysis 

The euro medium-term trend reversed up. Now the target for purchases is Target Zone 2 [1.2288 – 1.2272].

Yesterday, there was an attempt to break out the resistance, Target Zone [1.2200 – 1.2183], but the traders returned the price below the level at the US trading session. The US trading session closed at level 1.2163.

Also, yesterday, traders tested the key support of the short-term uptrend [1.2162 – 1.2154]. While the zone is held, there is no traders’ reaction.

There is a possibility of a breakout of support and a short-term trend reversal. In this case, the EURUSD rate will move to the levels of 1.2109 – 1.2066.

EURUSD trading ideas for today:

  1. Sell in Intermediary Zone [1.2162 – 1.2154]. TakeProfit: 1.2109.  StopLoss: 1.2184.

  2. Buy when the level of 1.2184 is broken out. TakeProfit: Gold Zone [1.2271 – 1.2263]. StopLoss: 1.2149.

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Price chart of USCrude in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. 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 2004/39/EC.

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