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 euro continues to trade in a short-term downtrend.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil is trading near the support zone B of 62.43–62.11, the trend boundary.
- XAUUSD: Gold is testing the support A of 4,907–4,886.
- EURUSD: The euro is falling, targeting 1.1765.
Oil Price Forecast for Today: USCrude Analysis
Yesterday, oil prices climbed to the first bullish target of 63.67. After that, the market reversed, and the price went down. As a result, the asset plunged below the February 13 low and pierced the support B of 62.43–62.11. However, bears failed to keep the price below the support B.
If the US Crude price rebounds from the support B today, one may consider long trades with the first target at 63.87 and the second one at 65.63.
If the asset breaks and closes below the support B in the US trading session, the uptrend will reverse. In this case, consider short trades with a profit target in the lower Target Zone of 59.24–58.60.
USCrude Trading Ideas for Today:
Watch the market.
Gold Forecast for Today: XAUUSD Analysis
Yesterday, the gold price tested the support A of 4,907–4,886. The short-term trend remains bullish. Today, the price is rising, likely toward the first target of 5,002. However, the chart does not show a clear bullish pattern for opening long trades.
In this regard, further downside correction is possible. If the price breaks below the support A again, it may test the support B of 4,801–4,769, the trend boundary. Consequently, long trades can be considered near the support B with the primary target at 5,119.
XAUUSD Trading Ideas for Today:
Watch the market.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro price is still in a short-term bearish trend. The second downside target for the trades opened at the resistance B of 1.1943–1.1927 is the 1.1765 level. Therefore, it is advisable to hold some of the short trades at the breakeven point today until the price hits this target.
If the EURUSD price breaks above the resistance B, the trend may turn bullish. In this case, consider long positions on the next trading day 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 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 EURUSD in real time mode
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