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FxPro: Daily Technical Analysis for May 24, 2024, Before the European Market Open

FxPro
FxPro
05-24

FxPro: Daily Technical Analysis for Europe Opening, May 24, 2024

View the market insights from the Global Research Department of the Trading Center today. Discover new trading methods and opportunities from popular trading products.

EUR/USD   Spot Gold   GBP/USD   EUR/JPY   EUR/GBP   USD/CHF   German DAX Index Futures (Eurex)   Brent Crude Oil (ICE)   UK FTSE 100 Index Futures

Note: Due to market volatility, prices may have already crossed key levels, rendering the strategy invalid.

EUR/USD Intraday: Under Pressure.

Pivot point:

1.0830

Trading strategy:

Bearish below 1.0830, target prices are 1.0795, then 1.0775.

Alternative strategy:

Bullish above 1.0830, target prices are 1.0845, then 1.0860.

Technical commentary:

As long as resistance at 1.0830 is not surpassed, the risk of a decline below 1.0795 remains high.

360ee9bef9814db8a0fc3dd474218ef2387

Spot Gold Intraday: Under Pressure.

Pivot point:

2350.00

Trading strategy:

Bearish below 2350.00, target prices are 2320.00, then 2304.00.

Alternative strategy:

Bullish above 2350.00, target prices are 2370.00, then 2384.00.

Technical commentary:

The RSI indicator is trending downward, indicating a complex, bearish outlook.

360ee9bef9814db8a0fc3dd474218ef2569

GBP/USD Intraday: Short-term key resistance at 1.2710.

Pivot point:

1.2710

Trading strategy:

Bearish below 1.2710, target prices are 1.2680, then 1.2660.

Alternative strategy:

Bullish above 1.2710, target prices are 1.2730, then 1.2745.

Technical commentary:

As long as resistance at 1.2710 is not surpassed, the risk of a decline below 1.2680 remains high.

360ee9bef9814db8a0fc3dd474218ef2765

EUR/JPY Intraday: Possible upward movement, target at 170.94.

169.25 as a pivot point.

Trading strategy:

Possible upward movement, target at 170.94.

Alternative strategy:

If it falls below 169.25, EUR/JPY target direction is 168.60 and 168.22.

Technical commentary:

The RSI indicator is below the neutral region of 50. The MACD indicator is above its signal line, signaling bearishness. Also, the price is below its 20-day and 50-day moving averages (at 169.80 and 169.79, respectively).

360ee9bef9814db8a0fc3dd474218ef21010

EUR/GBP Intraday: Bullish as long as 0.8506 is support, target at 0.8538.

Pivot point:

0.8506

Trading strategy:

Bullish as long as 0.8506 is support, target at 0.8538.

Alternative strategy:

If it breaks below 0.8506, it will continue the downward trend, with targets at 0.8494 and then 0.8487.

Technical commentary:

The RSI indicator is above 50. The MACD indicator is below its signal line, signaling bullishness. Additionally, the price is below its 20-day moving average (0.8517) but above its 50-day moving average (0.8513).

360ee9bef9814db8a0fc3dd474218ef21270

USD/CHF Intraday: Ultra short-term support around 0.9125.

Pivot point:

0.9125

Trading strategy:

Bullish above 0.9125, target prices are 0.9160, then 0.9180.

Alternative strategy:

Bearish below 0.9125, target prices are 0.9105, then 0.9085.

Technical commentary:

The RSI indicator is showing a complex trend, leaning towards upward movement.

360ee9bef9814db8a0fc3dd474218ef21458

German DAX Index Futures (Eurex) Intraday: Under Pressure.

Pivot point:

18780.00

Trading strategy:

Bearish below 18780.00, target prices are 18617.00, then 18560.00.

Alternative strategy:

Bullish above 18780.00, target prices are 18833.00, then 18887.00.

Technical commentary:

The RSI indicator is below the 50% neutral zone.

360ee9bef9814db8a0fc3dd474218ef21665

Brent Crude Oil (ICE) Intraday: Short-term key resistance at 81.80.

Pivot point:

81.80

Trading strategy:

Bearish below 81.80, target prices are 80.90, then 80.30.

Alternative strategy:

Bullish above 81.80, target prices are 82.20, then 82.50.

Technical commentary:

As long as resistance at 81.80 is not surpassed, the risk of a decline below 80.90 remains high.

360ee9bef9814db8a0fc3dd474218ef21864

UK FTSE 100 Index Futures Intraday: Downtrend.

Pivot point:

8365.00

Trading strategy:

Bearish below 8365.00, target prices are 8264.00, then 8211.00.

Alternative strategy:

Bullish above 8365.00, target prices are 8400.00, then 8427.00.

Technical commentary:

The RSI indicator has fallen below the 30 level.

360ee9bef9814db8a0fc3dd474218ef22040

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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