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.
Yesterday, oil fell below the February 4 low.
The article covers the following subjects:
Major Takeaways
-
USCrude: oil is maintaining its short-term downtrend.
-
XAUUSD: the future of gold remains uncertain. However, the price may exceed its all-time high.
-
EURUSD: the euro is trading in a correction. Long trades can still be considered.
Oil Price Forecast for Today: USCrude Analysis
Yesterday, oil slumped below the February 4 low within the short-term downtrend and approached the lower Target Zone 69.46 – 68.47. Today, the price is trading in an upward correction. If the correction continues, the asset may climb to the strong resistance (A) 73.14 – 72.88. Once this zone is reached, one may consider short trades with the first target of 71.69 and the second one near yesterday’s low.
The trend boundary is shifting to 74.59 – 74.19.
USCrude Trading Ideas for Today:
Sell near resistance (A) 73.14 – 72.88. TakeProfit: 71.69, 70.25. StopLoss: 73.62.
Gold Forecast for Today: XAUUSD Analysis
Gold is trading in a correction within the short-term uptrend. This week, the price tested the upper Target Zone 2882 – 2871 but failed to pierce it. As a result, the quotes have declined. Today, the correction may continue to the support (A) 2824 – 2819 and support (B) 2796 – 2787. Once these zones are reached, consider long trades with the first target of 2850 and the second one near 2882.
XAUUSD Trading Ideas for Today:
Buy near support (A) 2824 – 2819. TakeProfit: 2850, 2882. StopLoss: 2807.
Euro/Dollar Forecast for Today: EURUSD Analysis
Yesterday, the euro tarded in a downward correction within the short-term uptrend. The price tried to test the support (A) 1.0350 – 1.0341. Today, the asset will likely try to test it again. Once the support (A) is tested, one may consider long trades with the first target of 1.0392 and the second one near the February 5 high of 1.0442.
If the price breaks through the support (A) today, the correction may continue to the support (B) 1.0304 – 1.0290, the trend boundary. Consider long trades near this zone.
EURUSD Trading Ideas for Today:
Buy near support (A) 1.0350 – 1.0341. TakeProfit: 1.0392, 1.0442. StopLoss: 1.0324.
Would you like to learn more about technical analysis methods and principles? Explore our comprehensive guide.
P.S. Did you like my article? Share it in social networks: it will be the best “thank you” 🙂
Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.
Useful links:
- I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
- Use my promo code BLOG for getting deposit bonus 50% on LiteFinance platform. Just enter this code in the appropriate field while depositing your trading account.
- Telegram chat for traders: https://t.me/litefinancebrokerchat. We are sharing the signals and trading experience.
- Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/litefinance
Price chart of USCRUDE in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance broker. 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 2014/65/EU.
According to copyright law, this article is considered intellectual property, which includes a prohibition on copying and distributing it without consent.
