Euro consolidated above support zone 1.1264 – 1.1183 and the false breakout pattern is slowly being traded in the longer timeframe
USCrude – oil
Oil quotes are being corrected down in the middle-term uptrend. The key support to the trend is at [61.29 – 60.95]. If the price is corrected down into the zone, I recommend buying oil according to the pattern. The Target is Target Zone 6 [65.43 – 65.09].
It is clear from the shorter timeframe that oil price has reached the key support to the short-term uptrend [62.99 – 62.82]. If sellers don’t break the zone out, the uptrend will continue and Target Zone 3 [65.21 – 64.87] is highly likely to be reached.
Alternative scenario: IZ breakout and the trend reversal downwards. In this case, we shall sell oil and the target will be the lower Target Zone [61.29 – 60.95].
USCrude Trading tips for today:
Buy according to the pattern from ntermediary Zone [62.99 – 62.82]. TakeProfit: Target Zone 3 [65.21 – 64.87]. StopLoss: according to the pattern rules.
XAUUSD – gold
Gold continues falling down in the middle-term downtrend. Last Friday, the USCrude price went down from the resistance zone [1318.3 – 1297.9]. Now, the target in the trend is Target Zone 2 [1278.7 – 1275.3].
Gold short-term trend has reversed downwards, since Intermediary Zone [1293.6 – 1291.9 was broken out and the price consolidated below. I recommend looking for sells now with a target in the lower Target Zone [1276.6 – 1273.2].
I recommend looking for sell entries in Additional Zone [1291.9 – 1291.0] and in the new Intermediary Zone [1301.2 – 1299.5]. We shall look for a pattern after both resistances are tested.
XAUUSD Trading tips for today:
- Sell according to the pattern from Additional Zone [1299 – 1291.0]. TakeProfit: 1283.0, Target Zone [1276.6 – 1273.2]. StopLoss: according to the pattern rules.
- Sell according to the pattern from Intermediary Zone [1301.2 – 1299.5]. TakeProfit: 1283.0, Target Zone [1276.6 – 1273.2]. StopLoss: according to the pattern rules.
EURUSD – Euro/Dollar
Euro consolidated above support zone 1.1264 – 1.1183 and the false breakout pattern is slowly being traded in the longer timeframe. The pattern target is to break through the March’s high. With this regard, I recommend holding aggressive purchases up, according to the previous recommendations, or looking for new trades in the correction.
The EURUSD short-term trend is upward. Buy target is Target Zone [1.1386 – 1.1367]. Look for long trades in the price correction down towards Additional Zone [1.1277 – 1.1273] or towards the new key support [1.1231 – 1.1222]. A part of profits should be fixed at the breakthrough of the local high.
Sell positions will be relevant if at least AZ is broken out. In this case, you may trade in the correction down .
EURUSD Trading tips for today:
- Buy according to the pattern from Additional Zone [1277 – 1.1273]. TakeProfit: Target Zone [1386 – 1.1367]. StopLoss: according to the pattern rules.
- Buy according to the pattern from Intermediary Zone [1.1285 – 1.1275]. TakeProfit: Target Zone [1.1386 – 1.1367]. StopLoss: according to the pattern rules.
- Don’t close middle-term buy positions in the zone of [1.1264 – 1.1183]. TakeProfit: 1.1446. StopLoss: 1.1172.
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
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