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 plunged to the support B of 62.43–62.11.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil prices are consolidating above the support B of 62.43–62.11, maintaining a short-term uptrend.
- XAUUSD: On Friday, gold reached its first bullish target of 5,003. The next target is 5,119.
- EURUSD: The euro is consolidating after reaching its first bearish target of 1.1854.
Oil Price Forecast for Today: USCrude Analysis
Last week, the oil price dropped to the support B of 62.43–62.11, the trend boundary. Bulls managed to hold the asset above this zone. Therefore, long trades can be considered near this zone with the first target at 63.87 and the second one at 65.63. If the price breaks above the 65.63 level, the next bullish target will be the Target Zone 67.88–67.24.
If the oil price breaks below the support B today, the short-term trend will change to a bearish one. In this case, consider short trades with a target in the lower Target Zone of 59.24–58.60.
USCrude Trading Ideas for Today:
Hold long trades opened at the support B of 62.43–62.11. TakeProfit: 63.87, 65.63. StopLoss: 61.40.
Gold Forecast for Today: XAUUSD Analysis
Last week, the gold price declined to the support A of 4,907–4,886 during a correction within the short-term uptrend. However, bulls managed to keep the asset above this zone. As a result, the price climbed to the first target of 5,003. The next bullish target is the February 11 high of 5,119. If the metal breaks above the Target Zone of 5,101–5,037, it will continue to rise.
Should gold break below the support A, the correction will extend toward the support B of 4,801–4,769, the trend boundary. Therefore, long trades can be considered near this zone with the main target of 5,119.
XAUUSD Trading Ideas for Today:
Hold part of long trades opened at support A of 4,907–4,886. TakeProfit: 5,119. StopLoss: at breakeven.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro price is trading in a short-term downtrend. Last week, the asset reached the first bearish target of 1.1854 for the trades opened at the resistance B of 1.1943–1.1927. The next bearish target is the February 6 low of 1.1765. Thus, consider holding some of the short trades at the breakeven level.
If the EURUSD pair breaks above the resistance B today, the trend will turn bullish. In this case, consider long trades with a target in the upper Target Zone of 1.2122–1.2089.
EURUSD Trading Ideas for Today:
Hold part of short trades opened at resistance B of 1.1943–1.1927. TakeProfit: 1.1765. StopLoss: at breakeven.
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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