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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 reached its first bearish target yesterday.
The article covers the following topics:
Oil Price Forecast Today: US Crude Analysis
Yesterday, oil broke the target zone of 82.34 – 81.44. The next target in the short-term uptrend is gold zone of 84.75 – 84.45. In this regard, consider long trades during the correction at strong support (a) 80.79 – 80.49 and support (b) 79.30 – 78.86. Once the price tests these levels and completes the uptrend, one can consider long trades.
The asset is expected to break and settle below the 78.86 level to allow traders to open short positions and reverse the upward trend.
US crude oil Trading Ideas for Today:
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Buy according to the pattern at support level (A) 80.79 – 80.49. Take profit: 83.72. Stop loss: according to the pattern rules.
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Buy according to the pattern at support (B) 79.30 – 78.86. Take profit: 83.72. Stop loss: according to the pattern rules.
Gold Forecast Today: Gold/USD Analysis
Gold continues its upward correction within a short-term downtrend, and the potential upside target is resistance (B) 2369 – 2361, which is the trend limit, and if the price reaches this area, short selling trades can be considered with the first target near 2327.
In addition, after testing resistance (b), the price may break this level and settle above it. In this case, the short-term downtrend will reverse. The next upside target will be the upper target area of 2451 – 2436.
HowUSD Trading Ideas for Today:
Sell according to the pattern at resistance (В) 2369 – 2361. Take profit: 2327, 2287. Stop loss: according to the pattern rules.
EUR/USD Forecast for Today: EUR/USD Analysis
For the euro, positions were opened at resistance (A) 1.0758 – 1.0750 and reached the first downside target at 1.0712 yesterday. After that, the price tested resistance (A) again. Today, the price is likely to try to break through this area and continue corrective growth to resistance (B) 1.0804 – 1.0792. After the asset tests resistance (B), one can consider short positions with the first target at 1.0735.
The price must consolidate above 1.0804 to allow traders to reverse the downtrend. If successful, consider long trades with a target at the upper target area 1.0943 – 1.0918.
Euro vs US Dollar Trading Ideas for Today:
Sell according to the pattern at the resistance level (В) 1.0804 – 1.0792. Take profit: 1.0735, 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.
