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 first target for euro longs from support (B) 1.0304 – 1.0290 was reached yesterday.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil quotes reached the resistance (А) 73.14 – 72.88 within the upward correction.
- XAUUSD: Gold is correcting downward, with a target in the support area (А) 2880 – 2873.
- EURUSD: The euro price grew to a level of 1.0366. Further growth will depend on the buyers’ capacity to consolidate positions above this level.
Oil Price Forecast for Today: USCrude Analysis
Oil prices reached the resistance (А) 73.14 – 72.88 within a correction to a short-term downtrend but failed to break above that zone yesterday. So, consider short positions with the first target at 71.69 and the second around 70.24, February’s low.
If the asset’s price breaks above the resistance (A), the correction may continue to the resistance (B) 74.59 – 74.19, the trend’s boundary. Upon reaching this zone, consider short trades.
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 correcting downward, while the short-term trend remains upward. The price is approaching the support (А) 2880 – 2873. Once this zone is tested, consider longs with the first target at 2908 and the second at 2942, yesterday’s high. If the support (А) is broken to the downside, the correction will continue to support (В) 2848 – 2839. This zone is the trend’s boundary. So, after this zone is reached, long trades will be relevant again.
To sell gold and reverse the trend, traders have to break below the level of 2839. We will then have a bearish trend reversal, and the lower Target Zone 2755 – 2736 will be a target for short positions.
XAUUSD Trading Ideas for Today:
Buy near support (А) 2880 – 2873. TakeProfit: 2908, 2942. StopLoss: 2862.
Euro/Dollar Forecast for Today: EURUSD Analysis
The first target for euro longs from support (B) 1.0304 – 1.0290 — level 1.0366 — was reached yesterday. Upon consolidating above this level, the price could continue growing to the second target at around 1.0442, the high of February 5. If the price fails to consolidate above 1.0366, it risks correcting to the support (В). Concerningly, the rest of the longs should be moved to breakeven.
For the trend to reverse down, the price must break below support (B) and steady below. In that case, the lower Target Zone 1.0166 – 1.0138 will be a target for short positions.
EURUSD Trading Ideas for Today:
Hold a portion of longs near support (B) 1.0304 – 1.0290. TakeProfit: 1.0442. StopLoss: breakeven.
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Price chart of EURUSD in real time mode
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