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 continues to trade in a correction within the short-term uptrend today.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil has rebounded from the support (A) 61.01 – 60.71 on news from OPEC.
- XAUUSD: Gold has tested the short-term uptrend’s boundary 3253 – 3242.
- EURUSD: The euro has tested the short-term uptrend’s boundary 1.1215 – 1.1194.
Oil Price Forecast for Today: USCrude Analysis
Oil continues to trade in a short-term uptrend. The price is rising after hitting the support (A) 61.01 – 60.71. Today, the asset hit the first bullish target near 62.36. If the price manages to stay above this level, the next target will be the May 21 high of 64.01.
The price will likely hit a strong resistance, the Target Zone 63.61 – 62.83. If the price settles above this zone, the next target will be the Gold Zone 65.70 – 65.44. If not, a downward correction may begin.
USCrude Trading Ideas for Today:
Watch the market.
Gold Forecast for Today: XAUUSD Analysis
Gold has reached the support (B) 3253 – 3242 within a downward correction. If the price remains above this zone, long trades can be considered with the first target of 3303 and the second one of 3365.
The asset should consolidate below 3242 to create selling opportunities and reverse the uptrend. If so, the lower Target Zone 3140 – 3118 will become the bearish target.
XAUUSD Trading Ideas for Today:
Watch the market.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro continues to trade in a correction within the short-term uptrend today. The price has hit the key support 1.1215 – 1.1194. Thus, consider long trades with the first target of 1.1306 and the second one near 1.1419.
The asset should break through and settle above the 1.1194 level to allow traders to open short trades and reverse the trend. In this case, one may consider short trades tomorrow with a target in the lower Target Zone 1.1011 – 1.0970.
EURUSD Trading Ideas for Today:
Buy near support (B) 1.1215 – 1.1194. TakeProfit: 1.1306, 1.1419. StopLoss: 1.1155.
Would you like to learn more about technical analysis methods and principles? Explore our comprehensive guide.
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Price chart of EURUSD in real time mode
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