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Hello fellow traders! I have prepared price forecasts for the US crude, XAU/USD and EUR/USD pairs using a combination of margin zone methodology and technical analysis. Based on the market analysis, I suggest entry signals for intraday traders.
The euro tested the resistance level (A) yesterday.
The article covers the following topics:
Oil Price Forecast Today: US Crude Analysis
Yesterday, oil price broke the target zone 82.34 – 81.44. The next upside target will be gold zone 84.75 – 84.45. Consider long trades within the short-term uptrend on correction at strong support (a) 80.14 – 79.84 and support (b) 78.66 – 78.21. Once the price tests this zone and completes the uptrend, one can consider long trades. Yesterday’s high will be the main upside target.
US crude oil Trading Ideas for Today:
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Buy according to the pattern at support level (A) 80.14 – 79.84. Take profit: 83.03. Stop loss: according to the pattern rules.
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Buy according to the pattern at support level (B) 78.66 – 78.21. Take profit: 83.03. Stop loss: according to the pattern rules.
Gold Forecast Today: Gold/USD Analysis
Gold continues its upward correction within a short-term downtrend, and if this trend continues, the price is likely to reach below the lowest level recorded on June 26, in which case the bears will try to break the target area of 2300 – 2285, and if they succeed, prices are likely to continue falling with the gold area being targeted at 2250 – 2245.
If the correction continues, the price may test the trend line at 2369 – 2361 again this week. Once the asset breaks this area from below, the downtrend will reverse. In this regard, consider long trades with a target at the upper target area of 2451 – 2436.
HowUSD Trading Ideas for Today:
Watch the market.
EUR/USD Forecast for Today: EUR/USD Analysis
Yesterday, the Euro tested the resistance (A) 1.0758 – 1.0750 during its upward correction within the short-term downtrend. The bears managed to keep the asset below this area, which led to a decline in the price. If the trend continues today, the Euro is likely to reach the first downside target near the 1.0712 level. If the price breaks this level, it is likely to decline further and reach the second downside target near 1.0666.
The alternative scenario suggests that the price will grow and break through the resistance level (A). In this case, the asset may test the trend lines 1.0804 – 1.0792. After that, consider short trades again.
Euro vs US Dollar Trading Ideas for Today:
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Sell trades were opened at resistance level (A) 1.0758 – 1.0750. Take profit: 1.0712, 1.0666. Stop loss: at breakeven point.
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Sell according to the pattern at the resistance level (B) 1.0804 – 1.0792. Take profit: 1.0666. Stop loss: according to the pattern rules.
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EURUSD currency pair real time price chart
The content of this article reflects the opinion of the author 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 providing investment advice for the purposes of Directive 2004/39/EC.
