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.
Oil continues to trade in a short-term downtrend.
The article covers the following subjects:
Major Takeaways
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USCrude: oil maintains a bearish sentiment.
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XAUUSD: gold continues to trade in an uptrend. The price may exceed the Friday high near 2886.
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EURUSD: the euro is rising after testing the key support in the Asian trading session.
Oil Price Forecast for Today: USCrude Analysis
Oil continues to trade in a short-term downtrend. Today, the quotes are trading in an upward correction, targeting the resistance (A) 73.14 – 72.88. Once this zone is reached, short trades can be considered with the first target of 71.69 and the second one near 70.24.
If the asset pierces the resistance (A) today, the correction may continue to the resistance (B) 74.59 – 74.19, the trend boundary. Consider short trades near this zone.
USCrude Trading Ideas for Today:
Sell near resistance (A) 73.14 – 72.88. TakeProfit: 71.69, 70.25. StopLoss: 73.62.
Gold Forecast for Today: XAUUSD Analysis
Gold is trying to grow within a short-term uptrend. Last week, the asset surpassed the February 5 high and tried to break through the Target Zone 2, 2882 – 2871. If the price breaches the Target Zone 2 today, the next bullish target will be the Gold Zone 2, 2940 – 2933.
If gold fails to exceed last Friday’s high, a downward correction may start. If so, the quotes may fall to the support (A) 2824 – 2818. Once this zone is tested, one may consider long trades.
XAUUSD Trading Ideas for Today:
Buy near support (A) 2824 – 2818. TakeProfit: 2852, 2886. StopLoss: 2806.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro is maintaining its short-term uptrend. At the opening of trading today, the price tested the key support 1.0304 – 1.0290. Before the opening of the European trading session, the asset is trading above this support. Consequently, one may consider long trades near this area with the first target of 1.0366 and the second one of 1.0442.
If the price breaks through the support (B) 1.0304 – 1.0290 today, the short-term uptrend will reverse. In this case, consider short trades tomorrow with the target within the lower Target Zone 1.0166 – 1.0138.
EURUSD Trading Ideas for Today:
Buy near support (B) 1.0304 – 1.0290. TakeProfit: 1.0366, 1.0442. StopLoss: 1.0266.
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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