Technical analysis for USCrude, XAUUSD, and EURUSD today (03 February 2025)
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 reversed its short-term uptrend last Friday.
The article covers the following subjects:
Major Takeaways
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USCrude: oil is trading in an upward correction within a short-term downtrend.
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XAUUSD: gold is correcting to the support (A) 2759 – 2753.
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EURUSD: the euro has opened with a gap and reached the Target Zone 1.0257 – 1.0229.
Oil Price Forecast for Today: USCrude Analysis
Oil is trading in an upward correction within a short-term downtrend, likely targeting the resistance (A) 75.28 – 74.95. Once this zone is tested, consider short trades with the first target of 73.46 and the second one of 71.65.
If the price breaks through the resistance (A) today, the correction may continue to the resistance (B) 77.10 – 76.60, the trend boundary. Consider short trades near this zone.
USCrude Trading Ideas for Today:
Sell near resistance (A) 75.28 – 74.95. TakeProfit: 73.46, 71.65. StopLoss: 75.95.
Gold Forecast for Today: XAUUSD Analysis
Last week, the asset hit the Gold Zone 2819 – 2813 within the short-term uptrend but failed to pierce it. As a result, the gold price began to fall, continuing to decline today.
The decrease is a downward correction. Consequently, once gold tests the support (A) 2759 – 2753, one may consider long trades. The first bullish target will be 2785, and the second one will be the January 31 high near 2817.
XAUUSD Trading Ideas for Today:
Buy near support (A) 2759 – 2753. TakeProfit: 2785, 2817. StopLoss: 2742.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro reversed its short-term uptrend last Friday and broke through the support (B) 1.0395 – 1.0381. The asset has opened with a gap, reaching the Target Zone 1.0257 – 1.0229. Currently, the price is trying to pierce and settle below this support.
If the price drops further, it may reach the Gold Zone 1.0165 – 1.0156. One may consider short trades on a correction at the resistance (A) 1.0311 – 1.0302 and resistance (B) 1.0362 – 1.0348.
EURUSD Trading Ideas for Today:
Sell near resistance (A) 1.0311 – 1.0302. TakeProfit: 1.0261, 1.0210. StopLoss: 1.0330.
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Price chart of EURUSD in real time mode
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