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 continues to trade in a short-term downtrend.
The article covers the following subjects:
Highlights and key points
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USCrude: oil has opened with a gap and reached the second bearish target within the short-term downtrend.
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XAUUSD: gold is trading in a correction within the short-term downtrend.
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EURUSD: the euro is trying to break through the Target Zone 1.0794 – 1.077.
Oil price forecast for today: USCrude analysis
Oil has opened with a gap today and has fallen below the October 18 low. Thus, all bearish targets within the short-term downtrend have been achieved. If the asset pierces the Target Zone 68.92 – 68.02, the next bearish target will be the Gold Zone 65.93 – 65.63.
If the price remains above the Target Zone, a correction will start with the target at the resistance (A) 70.68 – 70.42. Consider long trades near this zone.
USCrude trading ideas for today:
Sell at resistance (A) 70.68 – 70.42. TakeProfit: 69.38, 67.79. StopLoss: 71.22.
Gold forecast for today: XAUUSD analysis
Gold is still trying to continue its growth within the short-term uptrend. However, a correction to strong support levels has not occurred. Consequently, the price may exceed the October 23 high and rise further to the Gold Zone 2789 – 2784, or a correction to the support (A) 2703 – 2697 or support (B) 2675 – 2667 may emerge.
If the correction starts, consider opening trades at strong support levels. If the price remains above the support (A), the first bullish target will be 2728, and the second one will be 2758.
XAUUSD trading ideas for today:
Buy at support (A) 2703 – 2697. TakeProfit: 2728, 2758. StopLoss: 2686.
Euro/Dollar forecast for today: EURUSD analysis
The euro is testing the lower Target Zone 1.0794 – 1.0777 within the short-term downtrend. If the asset pierces this zone from above, the price may fall to the Gold Zone 1.0682 – 1.0670. If not, an upward correction will start with the target at the resistance (A) 1.0884 – 1.0873. Once this zone is tested, consider short trades with the first target of 1.0822.
EURUSD trading ideas for today:
Sell at resistance (A) 1.0884 – 1.0873. TakeProfit: 1.0822, 1.0761. StopLoss: 1.09046.
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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.
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