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.
Oil extended its short-term bearish trend yesterday.
The article covers the following subjects:
Major Takeaways
- USCrude: The oil price has reached the first bearish target of $62.60 and is now rising again.
- XAUUSD: Gold is climbing within a short-term uptrend after touching the support B 4,772–4,740.
- EURUSD: The euro is approaching the lower Target Zone 1.1758–1.1725.
Oil Price Forecast for Today: USCrude Analysis
Oil is trading in a short-term downtrend. The price has reached the first bearish target of 62.60 for the trades opened at the resistance B 64.37–64.05. The next target is the February 3 low. If the asset falls further, the next bearish target will be the lower Target Zone 59.84–59.20.
If the oil price consolidates above the resistance B, the short-term trend will turn bullish. In this case, consider long trades with a target in the upper Target Zone 67.88–67.24.
USCrude Trading Ideas for Today:
Hold part of short trades opened at the resistance B 64.37–64.05. TakeProfit: 60.85. StopLoss: at breakeven.
Gold Forecast for Today: XAUUSD Analysis
Yesterday, gold declined in a correction within the short-term uptrend and reached the support B 4,772–4,740. Bulls managed to hold the asset above this zone. Since this support is a trend boundary, traders had an opportunity to initiate long trades with the first target at 4,915 and the second one at 5,090.
Today, consider holding the long positions opened at the support B. Once the price reaches the first bullish target, close about 50% of the position and move the rest to the breakeven point.
If the gold price settles below the support B, the short-term trend will change to a bearish one. In this case, consider short trades with a target at the lower Target Zone 4,455–4,392.
XAUUSD Trading Ideas for Today:
Hold long trades opened at support B 4,772–4,740. TakeProfit: 4,915, 5,090. StopLoss: 4,670.
Euro/Dollar Forecast for Today: EURUSD Analysis
Today, the euro price plunged below the February 2 low. The short-term trend remains downward. The main bearish target is the Target Zone 1.1758–1.1725. If the asset falls further, the next target will be the Gold Zone 1.1650–1.1639.
Consider short trades during a correction at the resistance A 1.1884–1.1873 and resistance B 1.1943–1.1927, the boundary of the downtrend.
EURUSD Trading Ideas for Today:
Sell at resistance A 1.1884–1.1873. TakeProfit: 1.1824, 1.1765. StopLoss: 1.1909.
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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