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 correcting upward to the short-term downtrend.
The article covers the following subjects:
Oil price forecast for today: USCrude analysis
Oil prices continue to correct to the short-term downtrend. Yesterday, traders reached resistance (B) 76.89 - 76.40. This zone is held by sellers. You can consider new sales there with a target at February 5 low.
To enter purchases and reverse the trend, traders need to break out the level of 76.89 and consolidate the price higher. In this case, focus on reaching the upper Target Zone 82.34 - 81.35. Consider new purchases on correction at strong support levels.
USCrude trading ideas for today:
Sell according to the pattern at resistance (В) 76.89 - 76.40. TakeProfit: 71.56. StopLoss: according to the pattern rules.
Gold forecast for today: XAUUSD analysis
The gold price is testing local resistance at 2037 - 2035. The short-term trend remains down. You may consider sales with a target at February 5 low in the beforementioned resistance. If this low is updated and the price consolidates lower, the next target will be the zone of 2011 - 2003.
To enter purchases and reverse the trend, traders need to break out resistance (B) 2070 - 2064. In this case, the target for purchases will be the upper Target Zone 2138 - 2126.
XAUUSD trading ideas for today:
Sell according to the pattern at resistance 2037 - 2035. TakeProfit: 2011. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
The euro is correcting upward to the short-term downtrend. The target of the correction is resistance (A) 1.0815 - 1.0806. After its test, consider new sales with a target at February 6 low.
However, if resistance (A) is broken out upside, the correction will continue to resistance (B) 1.0861 - 1.0848. This zone serves as the trend's border. As long as the price is trading below it, consider sales.
EURUSD trading ideas for today:
Sell according to the pattern at resistance (А) 1.0815 - 1.0806. TakeProfit: 1.0725. StopLoss: according to the pattern rules.
Sell according to the pattern at resistance (В) 1.0861 - 1.0848. TakeProfit: 1.0725. 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.
