FxPro Forex: Daily Technical Analysis before the European Market Opens on May 3, 2024

Explore the latest market perspectives from the global research department at the Trading Center. Discover new trading strategies and Forex Speculatorsopportunities among popular trading products.

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

Kind reminder: Due to market volatility, prices may have crossed key levels, rendering strategies ineffective.

Spot Gold Today: No significant change in trend.

Pivot Point:

2309.00

Trading Strategy:

Below 2309.00, bearish with target prices at 2296.00, followed by 2289.00.

Alternative Strategy:

Above 2309.00, bullish with target prices at 2318.00, followed by 2328.00.

Technical Commentary:

The RSI indicator lacks momentum.

GBP/USD Today: Bullish.

Pivot Point:

1.2525

Trading Strategy:

Above 1.2525, bullish with target prices at 1.2565, followed by 1.2585.

Alternative Strategy:

Below 1.2525, bearish with target prices at 1.2500, followed by 1.2480.

Technical Commentary:

The RSI indicator is trending upwards.

EUR/USD Today: Bullish.

Pivot Point:

1.0710

Trading Strategy:

Above 1.0710, bullish with target prices at 1.0750, followed by 1.0770.

Alternative Strategy:

Below 1.0710, bearish with target prices at 1.0695, followed by 1.0675.

Technical Commentary:

The RSI indicator is trending upwards.

EUR/JPY Today: Potential for an uptrend, with a target price at 165.20.

Pivot Point at 163.61.

Trading Strategy:

Potential for an uptrend, with a target price at 165.20.

Alternative Strategy:

If it falls below 163.61, EUR/JPY target direction is set at 163.09 and 162.79.

Technical Commentary:

RSI below 50. MACD is above its signal line indicating bearishness. Moreover, the price is below its 20 and 50-day moving averages (lying at 164.41 and 165.17 respectively).

EUR/GBP Today: Bearish, below 0.8563.

Pivot Point set at:

0.8563

Trading Strategy:

Bearish, below 0.8563.

Alternative Strategy:

If it breaks through 0.8563, EUR/GBP target direction is 0.8575 and 0.8582.

Technical Commentary:

RSI below 50. MACD shows bearishness and is below its signal line. Moreover, the price is below its 20 and 50-day moving averages (currently at 0.8555 and 0.8555).

USD/CHF Today: Downward trend.

Pivot Point:

0.9120

Trading Strategy:

Below 0.9120, bearish with target prices at 0.9060, followed by 0.9040.

Alternative Strategy:

Above 0.9120, bullish with target prices at 0.9140, followed by 0.9160.

Technical Commentary:

The RSI indicator is trending downwards.

Germany DAX Index Futures (Eurex)‎ (M4)‎ Today: Exercise caution.

Pivot Point:

17965.00

Trading Strategy:

Above 17965.00, bullish with target prices at 18147.00, followed by 18224.00.

Alternative Strategy:

Below 17965.00, bearish with target prices at 17890.00, followed by 17815.00.

Technical Commentary:

The RSI indicator shows a complex trend, leaning towards an upward direction.

Brent Crude Oil (ICE)‎ (N4)‎ Today: Short-term key resistance at 84.40.

Pivot Point:

84.40

Trading Strategy:

Below 84.40, bearish with target prices at 83.05, followed by 82.60.

Alternative Strategy:

Above 84.40, bullish with target prices at 85.15, followed by 85.90.

Technical Commentary:

The immediate trend remains downward, but lacks momentum.

UK FTSE 100 Index Futures Today: Bullish, above 8109.00.

Pivot Point:

8109.00

Trading Strategy:

Above 8109.00, bullish with target prices at 8192.00, followed by 8215.00.

Alternative Strategy:

Below 8109.00, bearish with target prices at 8077.00, followed by 8035.00.

Technical Commentary:

The RSI indicator shows a complex trend, leaning towards an upward direction.

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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