FxPro Forex: Daily Technical Analysis before the European Market Opens, May 2, 2024

Check out today's market perspectives from the global research department at the Trading Center. Explore new trading methods and Foreign exchange dealer comparisonopportunities 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

Gentle reminder: Due to market fluctuations, prices may have passed key points, rendering strategies ineffective.

Spot Gold Intraday: Target at 2346.00.

Pivot Point:

2307.00

Trading Strategy:

Above 2307.00, bullish, with target levels at 2336.00 and then 2346.00.

Alternative Strategy:

Below 2307.00, bearish, with target levels at 2295.00 and then 2282.00.

Technical Commentary:

The RSI indicator shows a complicated trend leaning towards a rise.

GBP/USD Intraday: Bullish above 1.2500.

Pivot Point:

1.2500

Trading Strategy:

Above 1.2500, bullish, with target levels at 1.2550 and then 1.2570.

Alternative Strategy:

Below 1.2500, bearish, with target levels at 1.2480 and then 1.2465.

Technical Commentary:

The RSI indicator shows a complicated trend leaning towards a rise.

EUR/USD Intraday: Uptrend.

Pivot Point:

1.0685

Trading Strategy:

Above 1.0685, bullish, with target levels at 1.0730 and then 1.0750.

Alternative Strategy:

Below 1.0685, bearish, with target levels at 1.0665 and then 1.0650.

Technical Commentary:

The RSI indicator shows a complicated trend leaning towards a rise.

EUR/JPY Intraday: Possibility of a rise, with a target at 167.93.

Pivot at 166.65.

Trading Strategy:

Possibility of a rise, with a target at 167.93.

Alternative Strategy:

If it falls below 166.65, target levels for EUR/JPY set at 166.23 and 165.98.

Technical Commentary:

The RSI indicator is below the neutral 50 zone. MACD is bearish and above its signal line. Additionally, the price is below its 50-day moving average (167.86) but above its 20-day moving average (167.08).

EUR/GBP Intraday: Gradual decline, with a target at 0.8528 if 0.8559 blocks upward movement.

Pivot Point set at:

0.8559

Trading Strategy:

Gradual decline, with a target at 0.8528 if 0.8559 blocks upward movement.

Alternative Strategy:

If it breaks above 0.8559, target levels for EUR/GBP at 0.8570 and 0.8576.

Technical Commentary:

The RSI indicator is below 50. MACD is bullish and below its signal line. Additionally, the price is below its 20-day moving average (0.8550) but above its 50-day moving average (0.8548).

USD/CHF Intraday: Key short-term resistance at 0.9190.

Pivot Point:

0.9190

Trading Strategy:

Below 0.9190, bearish, with target levels at 0.9145 and then 0.9125.

Alternative Strategy:

Above 0.9190, bullish, with target levels at 0.9210 and then 0.9225.

Technical Commentary:

As long as the 0.9190 resistance is not broken, the risk of a decline to 0.9145 is significant.

German DAX Index Futures (Eurex) (M4): Under pressure intraday.

Pivot Point:

18185.00

Trading Strategy:

Below 18185.00, bearish, with target levels at 18033.00 and then 17980.00.

Alternative Strategy:

Above 18185.00, bullish, with target levels at 18228.00 and then 18280.00.

Technical Commentary:

The RSI indicator has dropped below its 30 level.

Brent Crude Oil (ICE) (N4) Intraday: Key short-term resistance at 84.80.

Pivot Point:

84.80

Trading Strategy:

Below 84.80, bearish, with target levels at 83.30 and then 82.60.

Alternative Strategy:

Above 84.80, bullish, with target levels at 85.90 and then 86.85.

Technical Commentary:

As long as the 84.80 resistance is not broken, the risk of a decline to 83.30 is significant.

UK FTSE 100 Index Futures Intraday: Short-term adjustment.

Pivot Point:

8210.00

Trading Strategy:

Below 8210.00, bearish, with target levels at 8121.00 and then 8094.00.

Alternative Strategy:

Above 8210.00, bullish, with target levels at 8239.00 and then 8265.00.

Technical Commentary:

As long as the 8210.00 resistance exists, there's a bearish trend in price fluctuations.

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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