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.
The oil price turned bullish yesterday.
The article covers the following subjects:
Major Takeaways
- USCrude: Consider buying oil during a correction with a target at yesterday’s high of 65.63.
- XAUUSD: Gold is poised to break above the upper Target Zone of 5,101–5,037.
- EURUSD: Yesterday, the euro reached the first bearish target for the trades opened at the resistance B of 1.1943–1.1927.
Oil Price Forecast for Today: USCrude Analysis
Yesterday, oil started a short-term uptrend and broke above the resistance B of 64.37–64.05. Now, the bullish target is the upper Target Zone of 67.88–67.24.
Consider long trades during a correction at the strong support A of 63.50–63.28 and support B of 62.43–62.17. The letter is the trend boundary. The primary target will be yesterday’s high.
USCrude Trading Ideas for Today:
Buy near support A of 63.50–63.28. TakeProfit: 64.46, 65.63. StopLoss: 62.76.
Gold Forecast for Today: XAUUSD Analysis
Gold continues to trade in a short-term uptrend. The price is trying to pierce the upper Target Zone of 5,101–5,037. If it does, the next target will be the Gold Zone of 5,271–5,249.
If bears keep the asset below the Target Zone, the price may drop. In this case, the precious metal may test the support A of 4,907–4,886. Once the price reaches this area, consider long trades with the first target at 5,003 and the second one at 5,119.
XAUUSD Trading Ideas for Today:
Buy near support A of 4,907–4,886. TakeProfit: 5,003, 5,119. StopLoss: 4,832.
Euro/Dollar Forecast for Today: EURUSD Analysis
After testing the key resistance of 1.1943–1.1927, the euro fell to its first bearish target of 1.1854. The next target is the February 6 low of 1.1765. Therefore, consider holding some of the previously opened trades at the breakeven level today.
If the euro price breaks above the resistance B of 1.1943–1.1927, the downtrend will reverse. In this case, long trades can be considered with a target in the upper Target Zone of 1.2122–1.2089.
EURUSD Trading Ideas for Today:
Hold part of short trades opened at resistance B of 1.1943–1.1927. TakeProfit: 1.1765. StopLoss: at breakeven.
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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