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 has managed to remain below the November 22 high.
The article covers the following subjects:
Major Takeaways
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USCrude: oil has retreated from the resistance 70.85 – 70.45.
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XAUUSD: gold is testing the support (B) 2639 – 2631.
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EURUSD: the euro will likely continue to trade in a short-term uptrend with the targets of 1.0553 and 1.0629.
Oil Price Forecast for Today: USCrude Analysis
Oil has managed to stay below the November 22 high. Yesterday, bears seized this chance to push the quotes down. If the decline continues today, the price may fall below yesterday’s low and reach the 68.56 level. If the asset settles below this mark, one may consider short trades with the target at the December 6 low.
However, if the price grows and exceeds the December 13 high, quotes may test the 71.36 level. Should the asset consolidate above this level, the short-term downtrend will reverse. In this case, consider long trades with the target in the upper Target Zone 75.19 – 74.40.
USCrude Trading Ideas for Today:
Watch the market.
Gold Forecast for Today: XAUUSD Analysis
Gold is testing the key support 2639 – 2631. Yesterday, bulls managed to keep the price above this zone. However, a corresponding pattern should emerge to allow traders to open long trades. The pattern may form if the price surpasses the December 16 high.
If there is no buy signal, the price may break through the key support and reverse the trend. If so, consider short trades with the target in the lower Target Zone 2553 – 2536, starting from tomorrow.
XAUUSD Trading Ideas for Today:
Risky: buy at support (B) 2639 – 2631. TakeProfit: 2678, 2726. StopLoss: 2615.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro continues to trade above the short-term uptrend’s key support 1.0491 – 1.0478. The first bullish target for trades opened at this support is 1.0553. The second target is the December 6 high of 1.0629. Consider holding long trades today.
An alternative scenario suggests that the price may pierce the support and settle below 1.0452. In this case, the short-term uptrend will reverse. The bearish target will be the lower Target Zone.
EURUSD Trading Ideas for Today:
Hold up long trades opened at support (B) 1.0491 – 1.0478. TakeProfit: 1.0553, 1.0629. StopLoss: 1.0450.
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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. 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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