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FxPro: Daily Analysis before the European Market Opens on February 28, 2024.

FxPro
FxPro
02-29

FxPro : Daily Technical Analysis before the European Market Opens on February 28, 2024.

Check out today's market insights from the Global Research Department at the Trading Center. Explore new trading methods and opportunities from popular trading products.

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

Reminder: Due to market volatility, prices may have moved past key levels, rendering strategies ineffective.

Spot Gold Today: No apparent trend.

Pivot Point:

2035.00

Trading Strategy:

Below 2035.00, bearish with target prices at 2026.00, then 2021.00.

Alternative Strategy:

Above 2035.00, bullish with target prices at 2041.00, then 2045.00.

Technical Commentary:

The RSI indicator is below the 50% neutral zone.

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GBP/USD Today: Under pressure.

Pivot Point:

1.2685

Trading Strategy:

Below 1.2685, bearish with target prices at 1.2645, then 1.2630.

Alternative Strategy:

Above 1.2685, bullish with target prices at 1.2700, then 1.2715.

Technical Commentary:

The RSI indicator is trending downwards.

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EUR/USD Today: Under pressure.

Pivot Point:

1.0850

Trading Strategy:

Below 1.0850, bearish with target prices at 1.0810, then 1.0800.

Alternative Strategy:

Above 1.0850, bullish with target prices at 1.0865, then 1.0880.

Technical Commentary:

The RSI indicator is trending downwards.

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EUR/JPY Today: Bearish, below 163.38.

163.38 as the pivot point.

Trading Strategy:

Bearish, below 163.38.

Alternative Strategy:

If it breaks through 163.38, EUR/JPY targets are 163.76 and 163.99.

Technical Commentary:

The RSI indicator is below the neutral 50 zone. The MACD indicator is bearish, below its signal line. Additionally, the price is below its 20-day and 50-day moving averages (currently at 163.16 and 163.17).

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EUR/GBP Today: Bullish.

0.8545 as the pivot point.

Trading Strategy:

Bullish.

Alternative Strategy:

If it falls below 0.8545, EUR/GBP targets are 0.8534 and 0.8527.

Technical Commentary:

The RSI indicator is above the neutral 50 zone. The MACD indicator is bearish but above its signal line. Additionally, the price is below its 50-day moving average (0.8553) but above the 20-day moving average (0.8551).

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USD/CHF Today: Uptrend.

Pivot Point:

0.8780

Trading Strategy:

Above 0.8780, bullish with target prices at 0.8820, then 0.8835.

Alternative Strategy:

Below 0.8780, bearish, with target prices at 0.8765, then 0.8755.

Technical Commentary:

The RSI indicator is trending upwards.

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Germany DAX Index Futures (Eurex)‎ (H4): A new round of rising.

Pivot Point:

17400.00

Trading Strategy:

Above 17400.00, bullish with target prices at 17600.00, then 17690.00.

Alternative Strategy:

Below 17400.00, bearish, with target prices at 17330.00, then 17260.00.

Technical Commentary:

The RSI indicator is bullish, indicating a potential further uptrend.

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Brent Crude (ICE)‎ (K4): Bullish today.

Pivot Point:

81.90

Trading Strategy:

Above 81.90, bullish with target prices at 82.75, then 83.30.

Alternative Strategy:

Below 81.90, bearish, with target prices at 81.30, then 80.65.

Technical Commentary:

The RSI indicator shows a complex trend, leaning towards rising.

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UK FTSE 100 Index Futures Today: Bullish, above 7634.00.

Pivot Point:

7634.00

Trading Strategy:

Above 7634.00, bullish with target prices at 7680.00, then 7695.00.

Alternative Strategy:

Below 7634.00, bearish, with target prices at 7615.00, then 7601.00.

Technical Commentary:

Even though we can't rule out the possibility of ongoing adjustments, their duration should be limited.

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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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