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.
Oil has broken above the key resistance of the short-term downtrend.
The article covers the following subjects:
Major Takeaways
- USCrude: The short-term trend has reversed to the upside.
- XAUUSD: The precious metal is trading in a short-term downtrend.
- EURUSD: The euro price may decline to 1.1542.
Oil Price Forecast for Today: USCrude Analysis
Last week, market participants tested the key resistance of the short-term downtrend at 61.11–60.64 and broke above it, thus reversing the trend to the upside. The next growth target is the upper Target Zone 64.95–64.13.
New longs can be considered on a pullback to support (A) at 59.57–59.29 or support (B) at 58.17–57.75. The latter also serves as the lower boundary of the trend.
USCrude Trading Ideas for Today:
Buy from support (А) 59.57–59.29. TakeProfit: 60.82, 62.36. StopLoss: 58.55.
Gold Forecast for Today: XAUUSD Analysis
Gold remains in a short-term downtrend. Last week, market participants tested the trend boundary at 4,152–4,139. The zone was held by sellers. The first downside target near 4,078 was also reached last week. The next target lies at 4,004.
At this stage, consider holding short positions opened earlier from resistance (B) at 4,152–4,139. Also, look for new selling opportunities.
XAUUSD Trading Ideas for Today:
Hold a part of shorts opened from resistance (В) 4,152–4,139. TakeProfit: 4,004. StopLoss: breakeven.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro remains within a short-term downtrend. Last week, the price declined from resistance (B) at 1.1720–1.1704 and reached the first downside target. The current target for short positions is the October low. If the price consolidates below this level, the next downside target will be the Gold Zone at 1.1454–1.1443.
If an upward correction begins, quotes may once again reach resistance (B), from where new selling opportunities can be considered.
EURUSD Trading Ideas for Today:
Hold a part of shorts opened from resistance (В) 1.1720–1.1704. TakeProfit: 1.1542. StopLoss: breakeven.
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 for getting deposit bonus 50% on LiteFinance platform. Just enter this code in the appropriate field while depositing 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 USCRUDE 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.
