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, oil tested the support (A) 59.57–59.29.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil is trying to bounce off the support (A) 59.57–59.29.
- XAUUSD: Gold is poised to reverse its short-term downtrend.
- EURUSD: The euro has climbed to the resistance (A) 1.1587–1.1576 during a correction within the short-term downtrend.
Oil Price Forecast for Today: USCrude Analysis
Last week, oil tested the support (A) 59.57–59.29, but bulls managed to keep the price above this zone. Therefore, the short-term uptrend may continue. The first bullish target is 60.82, and the second one is the October 24 high of 62.36.
If the oil price consolidates above the October 24 high, it may soar to the upper Target Zone 64.95–64.13.
USCrude Trading Ideas for Today:
Hold long trades opened at support (A) 59.57–59.29. TakeProfit: 60.82, 62.36. StopLoss: 58.54.
Gold Forecast for Today: XAUUSD Analysis
Gold is attempting to settle above the resistance (A) 4,051–4,036. If so, the short-term downtrend will change to an uptrend. In this case, consider long trades with the main target in the upper Target Zone 4,216–4,186 the next trading day.
If the gold price settles below the resistance (A), consider short trades with the first target at 3,969 and the second one at 3,886.
XAUUSD Trading Ideas for Today:
Watch the market.
Euro/Dollar Forecast for Today: EURUSD Analysis
Last week, the euro started a correction within the short-term downtrend. As a result, the price touched the resistance (A) 1.1587–1.1576 at the end of the trading week. Thus, consider short trades near this zone with the first target at 1.1528 and the second one at last week’s low.
If the EURUSD pair breaks above the resistance (A) today, the correction will extend to the resistance (B) 1.1647–1.1630. This zone is the boundary of the short-term downtrend. Therefore, consider short trades near it with the main target at 1.1468.
EURUSD Trading Ideas for Today:
Hold short trades opened near resistance (A) 1.1587–1.1576. TakeProfit: 1.1528, 1.1468. StopLoss: 1.1613.
Would you like to learn more about technical analysis methods and principles? Explore our comprehensive guide.
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Price chart of USCRUDE in real time mode
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