FxPro: Daily Technical Analysis before the European Market Opens on Feb 29, 2024

Check out the market views of the Global Research Department at the Trading Center today. Explore new trading methods and What are the regular rankings of China foreign exchange platformsopportunities from popular trading products.

Euro/USD    British Pound/USD    Spot Gold    Euro/JPY    Euro/British Pound    USD/Swiss Franc    German DAX Index Futures (Eurex)    Brent Crude (ICE)    UK FTSE 100 Index Futures  

Warm reminder: Due to market volatility, prices may have moved past key points, making strategies ineffective.

Spot Gold Intraday: Very short-term (within the day) support around 2029.00.

Pivot point:

2029.00

Trading strategy:

Above 2029.00, bullish with target prices at 2039.00, then 2044.00.

Alternative strategy:

Below 2029.00, bearish with target prices at 2024.00, then 2021.00.

Technical comments:

Bullish on the RSI indicator.

British Pound/USD Intraday: Uptrend.

Pivot point:

1.2640

Trading strategy:

Above 1.2640, bullish with target prices at 1.2680, then 1.2695.

Alternative strategy:

Below 1.2640, bearish with target prices at 1.2620, then 1.2600.

Technical comments:

RSI indicator trending upwards.

Euro/USD Intraday: Uptrend.

Pivot point:

1.0815

Trading strategy:

Above 1.0815, bullish with target prices at 1.0850, then 1.0865.

Alternative strategy:

Below 1.0815, bearish with target prices at 1.0795, then 1.0780.

Technical comments:

RSI indicator trending upwards.

Euro/JPY Intraday: Bearish, below 162.66.

Pivot point:

162.66

Trading strategy:

Bearish, below 162.66.

Alternative strategy:

If it breaks above 162.66, EUR/JPY target direction at 163.04 and 163.27.

Technical comments :

RSI indicator below 30, indicating either a strong downtrend or an oversold state, potentially leading to a rebound. We will observe if there is any divergence in the RSI indicator. MACD indicator is below its signal line, bearish. Moreover, prices are below their 20-day and 50-day moving averages (currently at 162.89 and 163.03).

Euro/British Pound Intraday: Bearish, below 0.8563.

Pivot point set at:

0.8563

Trading strategy:

Bearish, below 0.8563.

Alternative strategy:

A breakout above 0.8563 would signal a continued upward trend, with target prices at 0.8574 and 0.8580.

Technical comments :

RSI indicator below the neutral zone of 50. MACD indicator is below its signal line, bearish. Moreover, prices are below their 20-day and 50-day moving averages (at 0.8557 and 0.8556, respectively).

USD/Swiss Franc Intraday: Under pressure.

Pivot point:

0.8800

Trading strategy:

Below 0.8800, bearish with target prices at 0.8770, then 0.8755.

Alternative strategy:

Above 0.8800, bullish with target prices at 0.8815, then 0.8830.

Technical comments:

RSI trend is complex, tilting towards a decline.

German DAX Index Futures (Eurex)‎ (H4)‎ Intraday: Uptrend.

Pivot point:

17520.00

Trading strategy:

Above 17520.00, bullish with target prices at 17650.00, then 17690.00.

Alternative strategy:

Below 17520.00, bearish with target prices at 17470.00, then 17400.00.

Technical comments:

Investors should operate cautiously as these support or resistance levels could trigger profit-taking.

Brent Crude (ICE)‎ (K4)‎ Intraday: Short-term adjustment.

Pivot point:

82.50

Trading strategy:

Below 82.50, bearish with target prices at 81.55, then 81.25.

Alternative strategy:

Above 82.50, bullish with target prices at 83.10, then 83.60.

Technical comments:

RSI trend is complex, tilting towards a decline.

UK FTSE 100 Index Futures Intraday: Under pressure.

Pivot point:

7648.00

Trading strategy:

Below 7648.00, bearish with target prices at 7596.00, then 7577.00.

Alternative strategy:

Above 7648.00, bullish with target prices at 7664.00, then 7680.00.

Technical comments:

RSI indicator is bearish, with more room to fall.

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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