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FxPro: Tech Analysis Before Europe Market Open, Mar 4, 24

FxPro
FxPro
03-06

FxPro Forex: Daily Technical Analysis before the European Market Opens on March 4, 2024

Explore new trading methods and opportunities from popular trading products in today's market viewpoint from the Global Research Department of the Trading Center.

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

Kind Reminder: Due to market fluctuations, prices may have moved past critical points, rendering strategies ineffective.

Spot Gold For intraday: Short-term (intraday) support around 2070.00.

Pivot Point:

2070.00

Trading Strategy:

Bullish above 2070.00, with target prices at 2090.00 and then 2100.00.

Alternative Strategy:

Bearish below 2070.00, with target prices at 2055.00 and then 2038.00.

Technical Commentary:

Subsequent resistance is at 2090.00, followed by 2100.00.

3.4.1

GBP/USD For intraday: A new round of increase.

Pivot Point:

1.2635

Trading Strategy:

Bullish above 1.2635, with target prices at 1.2675 and then 1.2695.

Alternative Strategy:

Bearish below 1.2635, with target prices at 1.2615 and then 1.2600.

Technical Commentary:

The RSI technical indicator is moving upwards.

3.4.2

EUR/USD For intraday: Uptrend.

Pivot Point:

1.0820

Trading Strategy:

Bullish above 1.0820, with target prices at 1.0855 and then 1.0870.

Alternative Strategy:

Bearish below 1.0820, with target prices at 1.0805 and then 1.0795.

Technical Commentary:

The RSI technical indicator is moving upwards.

3.4.3

EUR/JPY For intraday: Bullish, with support at 162.65.

162.65 as the Pivot Point.

Trading Strategy:

Bullish, with support at 162.65.

Alternative Strategy:

A breach below 162.65 indicates a continuing downtrend, with target prices at 162.27 followed by 162.04.

Technical Commentary:

The RSI technical indicator is above the neutral 50 zone. The MACD technical indicator is bullish and above its signal line. Moreover, the price is above its 20-day and 50-day moving averages (located at 162.77 and 162.74, respectively). Finally, the price has broken through the upper band of its Bollinger Bands (located at 162.98).

3.4.4

EUR/GBP For intraday: Bullish, with support at 0.8554, targets set at 0.8584.

0.8554 as the Pivot Point.

Trading Strategy:

Bullish, with support at 0.8554, targets set at 0.8584.

Alternative Strategy:

A break below 0.8554 suggests a continuing downtrend, with target prices at 0.8543 followed by 0.8536.

Technical Commentary:

The RSI technical indicator is above the neutral 50 zone. The MACD technical indicator is bullish and below its signal line. Moreover, the price is above its 20-day and 50-day moving averages (located at 0.8563 and 0.8562, respectively).

3.4.5

USD/CHF For intraday: Under pressure.

Pivot Point:

0.8850

Trading Strategy:

Bearish below 0.8850, with target prices at 0.8815 and then 0.8800.

Alternative Strategy:

Bullish above 0.8850, with target prices at 0.8870 and then 0.8890.

Technical Commentary:

The RSI technical indicator is moving downwards.

3.4.6

German DAX Index Futures (Eurex)‎ (H4)‎ For intraday: Uptrend.

Pivot Point:

17682.00

Trading Strategy:

Bullish above 17682.00, with target prices at 17851.00 and then 17930.00.

Alternative Strategy:

Bearish below 17682.00, with target prices at 17605.00 and then 17530.00.

Technical Commentary:

The RSI technical indicator is near the 50% neutral area.

3.4.7

Brent Crude Oil (ICE)‎ (K4)‎ For intraday: A short-term adjustment.

Pivot Point:

84.30

Trading Strategy:

Bearish below 84.30, with target prices at 82.95 and then 82.30.

Alternative Strategy:

Bullish above 84.30, with target prices at 85.00 and then 85.50.

Technical Commentary:

As long as the resistance at 84.30 remains, there is a bearish trend in price fluctuations.

3.4.8

UK FTSE 100 Index Futures For intraday: Bullish.

Pivot Point:

7638.00

Trading Strategy:

Bullish above 7638.00, with target prices at 7688.00 and then 7706.00.

Alternative Strategy:

Bearish below 7638.00, with target prices at 7614.00 and then 7596.00.

Technical Commentary:

The RSI technical indicator is bullish, indicating a further upward trend.

3.4.9

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.

The End

Wiki

Technical Analysis

技术分析(Technical Analysis)是一种通过对历史数据(如价格、成交量和指标等)进行统计和图表分析来预测未来价格走势的金融市场分析方法。

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