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 is trading in a short-term downtrend.
The article covers the following subjects:
Highlights and key points
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USCrude: short trades on oil opened at the resistance (A) 76.09 – 75.64 have reached the first target today. The next target is the 71.15.
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XAUUSD: gold is testing the resistance 2663 – 2658. Consider short trades near this zone during a correction.
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EURUSD: the euro is trying to consolidate below the Target Zone 1.0962 – 1.0936. If so, the decline will continue to the target in the Gold Zone 1.0878 – 1.0869.
Oil price forecast for today: USCrude analysis
Last week, oil traded in an upward correction. As a result, the asset has tested the resistance (B) 76.09 – 75.64. However, the price has remained below this zone. Therefore, the quotes have dropped and hit the 73.62 mark. If the price breaks through this level, the next bearish target will be the October 9 low near 71.15.
If the growth starts today, the asset may exceed the October 10 high and breach the resistance (B). In this case, the short-term downtrend will reverse.
USCrude trading ideas for today:
Watch the market.
Gold forecast for today: XAUUSD analysis
Last week, gold tested the short-term uptrend’s key support 2603 – 2594. Afterward, bullish momentum increased, and the price reached the 2640 level. The next bullish target is 2685.
However, the asset has failed to pierce the resistance 2663 – 2658. Thus, consider short trades near this zone during a correction with the main target at the October 10 low. If the price falls below the October 10 low, the short-term uptrend may reverse.
XAUUSD trading ideas for today:
Sell at resistance 2663 – 2658. TakeProfit: 2603. StopLoss: 2684.
Euro/Dollar forecast for today: EURUSD analysis
The euro is maintaining a short-term downtrend. If the price settles below the Target Zone 1.0962 – 1.0936, the decline will continue to the target in the Gold Zone 1.0878 – 1.0869.
Consider short trades on correction at the strong resistance (A) 1.1005 – 1.0996 and resistance (B) 1.1058 – 1.1044. The main bearish target will be 1.0900.
EURUSD trading ideas for today:
Sell at resistance (A) 1.1003 – 1.0996. TakeProfit: 1.0952, 1.0900. StopLoss: 1.1025.
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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. 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.