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 reversed its short-term uptrend yesterday.
The article covers the following subjects:
Major Takeaways
-
USCrude: Oil has reversed downwards. Therefore, consider short trades at the key resistance 72.13 – 71.74.
-
XAUUSD: Gold is trying to rise after hitting the support (A) 3376 – 3368.
-
EURUSD: The euro is trading in a downward correction after reaching the Gold Zone 1.1622 – 1.1609.
Oil Price Forecast for Today: USCrude Analysis
Yesterday, oil reversed its short-term uptrend and broke through the key support 70.17 – 69.72. After that, an upward correction started. At the opening of today’s trading, the price tested the new trend’s key resistance 72.13 – 71.74. Bearish pressure intensified near this zone, causing the price to reach the first bearish target near 69.97. The second target is yesterday’s low. If the price settles below yesterday’s low, the asset may continue to decline to the lower Target Zone 65.65 – 64.75.
The price should pierce and consolidate above the 72.13 level to create buying opportunities and reverse the trend.
USCrude Trading Ideas for Today:
Sell near resistance (B) 72.13 – 71.74. TakeProfit: 67.82. StopLoss: 73.90.
Gold Forecast for Today: XAUUSD Analysis
Gold is trading in a correction within the short-term uptrend. During the correction, the price reached the support (A) 3376 – 3368 today. Long trades were opened near this zone. Therefore, the upward movement may continue with the first target of 3409. If the price settles above this level, the next bullish target will be yesterday’s high of 3451.
If the asset breaks through the support (A) today, the correction may drive the price toward the support (B) 3338 – 3327. Long trades can be considered near this zone.
XAUUSD Trading Ideas for Today:
Hold up long trades opened at support (A) 3376 – 3368. TakeProfit: 3409, 3451. StopLoss: 3354.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro continued to trade in a short-term uptrend yesterday. As a result, the price reached the Gold Zone 1.1622 – 1.1609 but failed to pierce it. Now, the asset is falling.
If the price starts climbing again today and exceeds yesterday’s high, it will try to break through the Gold Zone. If so, the next bullish target will be the Target Zone 1.1786 – 1.1758.
If the downward correction persists today, the price may return to the support (A) 1.1495 – 1.1481. Once this zone is tested, one may consider long trades again.
EURUSD Trading Ideas for Today:
Watch the market.
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” 
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 USCRUDE 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.
{{value}} ( {{count}} {{title}} )
This post is originally published on LITEFINANCE.
