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.
Yesterday, gold continued to trade in a short-term uptrend.
The article covers the following subjects:
Major Takeaways
-
USCrude: oil is declining and preparing to test the February 4 low.
-
XAUUSD: gold continues to set new all-time highs.
-
EURUSD: the euro is trading in a correction. However, long trades can be considered.
Oil Price Forecast for Today: USCrude Analysis
Oil is maintaining its short-term downtrend. The price is approaching the February 4 low. If the asset falls below this low, the quotes may slide to the Target Zone 69.46 – 68.47.
If the price remains above the February 4 low, an upward correction may start, and the asset may climb to the resistance (A) 74.04 – 73.71. Once this zone is tested, consider short trades with the first target of 72.22 and the second one of 70.41.
USCrude Trading Ideas for Today:
Sell near resistance (A) 74.04 – 73.71. TakeProfit: 72.22, 70.41. StopLoss: 74.68.
Gold Forecast for Today: XAUUSD Analysis
Yesterday, gold continued to trade in a short-term uptrend. As a result, the asset has hit the Target Zone 2, 2882 – 2871. If the price breaks through this resistance, the precious metal may soar to the Gold Zone 2, 2934 – 2928.
If the price remains below the Target Zone 2, a downward correction may begin. If so, the quotes may drop to the support (A) 2824 – 2819. Consider long trades near this support with the first target of 2850 and the second one near yesterday’s high of 2882.
XAUUSD Trading Ideas for Today:
Buy near support (A) 2824 – 2819. TakeProfit: 2850, 2882. StopLoss: 2807.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro is decreasing during a correction within the short-term uptrend. The support (A) 1.0350 – 1.0341 is a potential bearish target. Once this support is tested, one may consider long trades with the first target of 1.0392 and the second one near yesterday’s high. If the price consolidates above yesterday’s high, the next bullish target will be the upper Target Zone 1.0514 – 1.0486.
The key support is shifting to 1.0304 – 1.0290. If the asset plummets to this support, long trades can be considered.
EURUSD Trading Ideas for Today:
Buy near support (A) 1.0350 – 1.0341. TakeProfit: 1.0392, 1.0442. StopLoss: 1.0324.
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” 🙂
Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.
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 XAUUSD 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.