Welcome, my fellow traders! I have prepared a price forecast for the USCrude, XAUUSD, and EURUSD using a combination of the margin zones method and technical analysis. Based on the market analysis, I suggest entry signals for intraday traders.
Yesterday, oil prices climbed to the resistance B during a correction.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil has remained below the resistance B 64.37–64.05.
- XAUUSD: Gold has broken below the support A 4,878–4,857 and is recovering now.
- EURUSD: The euro may plunge below the February 2 low.
Oil Price Forecast for Today: USCrude Analysis
Yesterday, the oil price increased to the resistance B 64.37–64.05 during a correction. This area is the trend boundary. Bears managed to keep the asset below this zone. Therefore, the short-term downtrend is still in place. Today, consider short trades with the first target at 62.60. The short trades opened earlier can be held open. The second bearish target is the February 3 low near 60.85.
If the price consolidates above the resistance B, the short-term trend will turn bullish. In this case, consider long trades on the next trading day with a target in the upper Target Zone.
USCrude Trading Ideas for Today:
Sell/hold short trades opened at the resistance B 64.37–64.05. TakeProfit: 62.60, 60.85. StopLoss: 64.78.
Gold Forecast for Today: XAUUSD Analysis
Yesterday, the gold price continued to decline in a correction, reaching the support A 4,878–4,857. However, traders opened high-volume long positions near this zone, and the price hit the first bullish target of 4,974.
Today, the downward correction persisted, and the gold price settled below the support A. Therefore, the asset may slide to the support B 4,772–4,740. Consider long trades near this zone with the first target at 4,915 and the second one at 5,090. If the price settles below the support B, the short-term trend will turn bearish.
XAUUSD Trading Ideas for Today:
Buy at support B 4,772–4,740. TakeProfit: 4,915, 5,090. StopLoss: 4,669.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro is maintaining its short-term downtrend and is approaching the main bearish target in the Target Zone 1.1758–1.1725. If the price breaks below this zone, the next target will be the Gold Zone 1.1650–1.1639.
Consider short trades during a correction at the resistance A 1.1894–1.1884, with the first target at 1.1835 and the second one at 1.1776. The trend boundary is located at 1.1954–1.1938.
EURUSD Trading Ideas for Today:
Sell at resistance A 1.1894–1.1884. TakeProfit: 1.1835, 1.1776. StopLoss: 1.1921.
Would you like to learn more about technical analysis methods and principles? Explore our comprehensive guide.
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Price chart of USCRUDE in real time mode
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