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, the euro tested the support near 1.0477.
The article covers the following subjects:
Major Takeaways
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USCrude: oil declined again within a short-term downtrend yesterday.
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XAUUSD: gold is trading slightly above the key support 2634 – 2626.
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EURUSD: the euro is trying to continue rising to the target of 1.0597.
Oil Price Forecast for Today: USCrude Analysis
Yesterday, oil fell again and broke through the 68.68 level. Therefore, the short-term downtrend may continue with the first target at the December 2 low and the second one near 66.51. Today, one may consider short trades at 68.68.
The asset should pierce the resistance (B) 70.85 – 70.45 to allow traders to open long trades and reverse the downtrend. In this case, consider long trades with the target in the upper Target Zone 75.19 – 74.40.
USCrude Trading Ideas for Today:
Sell at 68.68. TakeProfit: 66.51. StopLoss: 69.25.
Gold Forecast for Today: XAUUSD Analysis
Gold continues to trade in a narrow range slightly above the support (B) 2634 – 2626. The instrument will likely move substantially on Friday during the US labor market news release. If the price starts to grow after that, the asset may exceed the high near 2721. Besides, if the quotes break through the Target Zone 2726 – 2709, the short-term trend will persist with the target in the Gold Zone 2772 – 2766.
If the price plummets below the December 2 low because of the news, one may consider short trades with the target near the lower Target Zone 2548 – 2531.
XAUUSD Trading Ideas for Today:
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Buy above 2666. TakeProfit: 2721. StopLoss: 2650.
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Sell below 2620. TakeProfit: 2550. StopLoss: 2645.
Euro/Dollar Forecast for Today: EURUSD Analysis
Yesterday, the euro tested the support near 1.0477 but failed to pierce it. As a result, the quotes have climbed and surpassed the December 3 high in the US trading session, and a bullish pattern has formed.
Today, the short-term uptrend may continue with the main target near 1.0597. Once this target is reached, the asset will likely try to break through the upper Target Zone 1.0636 – 1.0608. If so, the next bullish target will be the Gold Zone 1.0709 – 1.0700.
The price should pierce and settle below the 1.0445 level to allow traders to open short trades and reverse the trend. In this case, consider short trades with the main target in the lower Target Zone 1.0321 – 1.0293, starting from tomorrow.
EURUSD Trading Ideas for Today:
Buy above 1.0545. TakeProfit: 1.0600. StopLoss: 1.0520.
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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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