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 is correcting downward to the support (A) 1.1117 – 1.1109.
The article covers the following subjects:
Highlights and key points
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USCrude: oil is declining after testing the short-term downtrend’s key resistance 76.79 – 76.30. The first bearish target is 74.07.
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XAUUSD: gold is falling after hitting the Target Zone 2529 – 2514. If the correction continues, the price may test the support (A) 2481 – 2476 again.
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EURUSD: the euro is trading in a downward correction. The correction target is the support (A) 1.1117 – 1.1109.
Oil price forecast for today: USCrude analysis
Oil has retreated from the short-term downtrend’s key resistance 76.79 – 76.30. The first selling target is 74.07, and the second one is the August 21 low near 71.35. Consider keeping your short trades initiated at the key resistance open today.
If the price breaks through the 76.79 – 76.30 area today, the short-term downtrend will reverse. In this case, consider long trades starting from the next trading day. The bullish target will be the upper Target Zone 81.18 – 80.29.
USCrude trading ideas for today:
Hold up sales opened at resistanceΒ (B) 76.79 – 76.30. TakeProfit: 74.07, 71.35. StopLoss: 77.25.
Gold forecast for today: XAUUSD analysis
Gold is trading in a short-term uptrend. The price is trying to breach the Target Zone 2529 – 2514. If so, the next bullish target will be the Gold Zone 2569 – 2564.
If the price remains below the Target Zone, the downward correction will start. In this case, the bearish target will be the support (A) 2481 – 2476. If the asset pierces the support (A), the price may correct to the trend’s boundary 2456 – 2449. After that, one may consider long trades according to the pattern.
XAUUSD trading ideas for today:
Buy according to the pattern at support (B)Β 2456 – 2449. TakeProfit: 2530. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
TheΒ euro is correcting downward to the support (A) 1.1117 – 1.1109. After reaching this zone, consider long trades within the short-term uptrend. The first bullish target will be 1.1155, and the second one will be 1.1201. If the asset breaks through the support (A) today, the correction will continue to the support (B) 1.1075 – 1.1063. Consider long trades near this zone with the main target of 1.1201.
The asset should breach and consolidate below the 1.1063 level to allow traders to reverse the trend and open short trades.
EURUSD trading ideas for today:
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Buy according to the pattern at support (A) 1.1117 – 1.1109. TakeProfit: 1.1155, 1.1201. StopLoss: according to the pattern rules.
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Buy according to the pattern at support (B)Β 1.1075 – 1.1063. TakeProfit: 1.1201. StopLoss: according to the pattern rules.
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Price chart of EURUSD in real time mode
The content of this article reflects the authorβs 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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