Short-term Analysis for Oil, Gold, and EURUSD for 11.07.2024

July 11, 2024 11:03 am

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.

The euro is growing and preparing to reach above the July 8 high.

The article covers the following subjects:

Highlights and key points

  • USCrude: Oil has returned to the support (A) 81.19 – 80.92. Consider long trades with the targets at 82.42 and 83.92.

  • XAUUSD: Gold is rising and intends to test the July 5 high within a short-term uptrend.

  • EURUSD: The euro is strengthening and preparing to reach above the July 8 high. In this case, support zones will shift higher.

Oil price forecast for today: USCrude analysis

Yesterday, oil tried to break through the support (A) 81.19 – 80.92. However, the price moved back to this zone in the US trading session. A buy pattern has formed. Thus, consider long trades according to this pattern at the support (A) with the first target at 82.42. If the price consolidates above this level, the next bullish target will be 83.92.

If the asset settles below 80.92, the downward correction will likely continue with a target at the support (B) 79.82 – 79.41, the boundary of a short-term uptrend. In this connection, consider long trades in this area.

USCrude trading ideas for today:

Buy according to the pattern at support (A) 81.19 – 80.92. TakeProfit: 82.42, 83.92. StopLoss: according to the pattern rules.


Gold forecast for today: XAUUSD analysis 

Gold is rising in a short-term uptrend. The bullish target is the July 5 high. If the price reaches above this level, the support zones will shift higher.

Consider long trades at the strong support (A) 2342 – 2337 and support (B) 2317 – 2310. Once the price tests these levels and the corresponding pattern emerges, one may consider long trades.

If the asset breaks through and consolidates below the 2310 level, the uptrend will reverse, allowing traders to open short positions.

XAUUSD trading ideas for today:

  1. Buy according to the pattern at support (A) 2342 – 2337. TakeProfit: 2365, 2392. StopLoss: according to the pattern rules.

  2. Buy according to the pattern at support (B) 2317 – 2310. TakeProfit: 2392. StopLoss: according to the pattern rules.


Euro/Dollar forecast for today: EURUSD analysis

The euro is growing and preparing to reach above the July 8 high. If successful, the next bullish target will be the upper Target Zone 1.0943 – 1.0918, and the strong support zones will move higher.

If the price fails to pierce the July 8 high, a downward correction will start. The asset may test the support (A) 1.0761 – 1.0752 or the support (B) 1.0719 – 1.0706 during the correction. Once the price tests these zones, one may consider long trades with the first target at 1.0799. 

EURUSD trading ideas for today:

  1. Buy according to the pattern at support (A) 1.0761 – 1.0752. TakeProfit: 1.0799, 1.0844. StopLoss: according to the pattern rules.

  2. Buy according to the pattern at support (B) 1.0719 – 1.0706. TakeProfit: 1.0844. StopLoss: according to the pattern rules.


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Price chart of EURUSD 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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