Euro middle-term downtrend continues

USCrude

Oil price is being corrected down in the middle-term downtrend; it is trading between the resistance Target Zone 4 [58.66 – 58.29] and the key support to the trend [53.92 – 53.55]. The resistance is an obstacle to the price rise and the supports holds the price from the further fall.

If the resistance is reached, I recommend looking for purchases according to the pattern with a target to renew last week’s high.

The short-term trend has reversed upwards. Yesterday, the US session closed above the key resistance [56.40 – 56.22]. The downward scenario didn’t work out and the buy target is in the upper Target Zone [58.44 – 58.07].

I recommend looking for buys according to the pattern at the retest of the broken out zone (Additional Zone [56.13 – 56.04] is also over there) and from the new key support [55.21 – 55.02]. A part of profit should be fixed at the high breakthrough.

 

USCrude trading tips for today:

  1. Buy according to the pattern in the zone of [56.40 – 56.04]. TakeProfit: 57.04, Target Zone [58.44 – 58.07]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [55.21 – 55.02]. TakeProfit: 57.04, Target Zone [58.44 – 58.07]. StopLoss: according to the pattern rules.

XAUUSD

Gold price is being corrected up in the middle-term downtrend. Look for purchases at good prices from the key resistance. The target is Target Zone 2 [1278.7 – 1275.3].

The local trend is still downward, as the sellers are holding the key resistance. The zones is in the price range of

Continue looking for short trades according to the pattern today. A pattern will be formed if the yesterday’s low is broken through with consolidation below. In this case, a 1-2-3 pattern will emerge and we shall look for an entry on the correction.

Alternative scenario: breakout of the key resistance and consolidation above at the US session. If so, the trend will reverse upwards and we shall look for purchases up to the upper TZ [1318.3 – 1314.9].

 

XAUUSD trading tips for today:

Sell according to the pattern in Intermediary Zone [1299.6 – 1297.9]. TakeProfit: 1281.5, Target Zone 2 [1278.7 – 1275.3]. StopLoss: according to the pattern rules.


EURUSD

Euro middle-term downtrend continues. Last week, the major target, Target Zone 2 [1.1201 – 1.1183] was reached. Now the pair is being corrected.

Continue looking for sells. The best prices are in the key resistance zone [1.1378 – 1.1360].

The short-term trend is also descending. Last week, was broken out TZ [1.1235 – 1.1217], and so, the target is now Gold Zone [1.1143 – 1.1134].

The key resistance of the trend Intermediary Zone [1.1277 – 1.1268] was reached at the Asian session today. Start looking for sell entries. Technical confirmation, like a pattern, is necessary to enter short trades. A part of profit will be fixed at the breakthrough of the local low.

Buy scenario: If IZ is broken out with consolidation above, the next trading day, we shall look for long trades ion the correction, and the target will be the upper Target Zone [1.1378 – 1.1360].

 

EURUSD trading tips for today:

Sell according to the pattern in Intermediary Zone [1.1277 – 1.1268]. TakeProfit: 1.1180, Gold Zone [1.1143 – 1.1134]. StopLoss: according to the pattern rules.

IZ - Intermediary Zone: responsible for the price momentum reversing.

TZ - Target Zone: a zone that is 75% likely to be reached after IZ breakout.

GZ - Gold Zone: zone in the medium-term momentum.

All zones are calculated based on the average daily price of the instrument and margin requirements of the futures.

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Price chart of EURUSD in real time mode

Analysis for oil, gold and EUR/USD for 12.03.2019

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. 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.

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