FxPro: Daily Technical Analysis Before the European Market Opens on May 17, 2024

View today's market perspectives from the Global Research Department of the Trading Center. Explore new trading methods and Foreign exchange platform official website downloadopportunities from popular trading products.

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

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

EUR/USD Intra-Session: Under Pressure.

Pivot Point:

1.0880

Trading Strategy:

Bearish below 1.0880, target prices at 1.0845, then 1.0835.

Alternative Strategy:

Bullish above 1.0880, target prices at 1.0895, then 1.0910.

Technical Analysis:

The RSI indicator runs a complex trend, inclined to fall.

Spot Gold Intra-Session: Downtrend.

Pivot Point:

2386.00

Trading Strategy:

Bearish below 2386.00, target prices at 2365.00, then 2354.00.

Alternative Strategy:

Bullish above 2386.00, target prices at 2395.00, then 2410.00.

Technical Analysis:

The RSI indicator is below the 50% neutral zone.

GBP/USD Intra-Session: Under Pressure.

Pivot Point:

1.2680

Trading Strategy:

Bearish below 1.2680, target prices at 1.2640, then 1.2625.

Alternative Strategy:

Bullish above 1.2680, target prices at 1.2700, then 1.2720.

Technical Analysis:

The RSI indicator runs a complex trend, inclined to fall.

EUR/JPY Intra-Session: Bullish, Supported at 168.67.

Pivot Point:

168.67

Trading Strategy:

Bullish as long as 168.67 holds as a support.

Alternative Strategy:

A downward break of 168.67 will signal further decline, targeting 168.02, then 167.64.

Technical Analysis:

With the RSI above 70, it indicates a continued upward trend or an overbought condition requiring technical adjustment. Compare the RSI and price trend for potential divergence. The MACD shows a bullish state above its signal line. Additionally, the price is above both its 20-day and 50-day moving averages (currently at 168.91 and 168.47).

EUR/GBP Intra-Session: Bullish unless 0.8568 is breached.

Pivot Point:

0.8568

Trading Strategy:

Bullish as long as 0.8568 is not breached.

Alternative Strategy:

A downward break of 0.8568 will signal further decline, targeting 0.8556, then 0.8549.

Technical Analysis:

The RSI exceeds 50. The MACD is above its signal line, indicating bullishness. Additionally, the price is above both its 20-day and 50-day moving averages (currently at 0.8577 and 0.8578).

USD/CHF Intra-Session: Uptrend.

Pivot Point:

0.9040

Trading Strategy:

Bullish above 0.9040, target prices at 0.9090, then 0.9105.

Alternative Strategy:

Bearish below 0.9040, target prices at 0.9020, then 0.8995.

Technical Analysis:

The RSI indicator is trending upwards.

German DAX Futures (Eurex)‎ Intra-Session: Under Pressure.

Pivot Point:

18875.00

Trading Strategy:

Bearish below 18875.00, target prices at 18736.00, then 18630.00.

Alternative Strategy:

Bullish above 18875.00, target prices at 18955.00, then 19018.00.

Technical Analysis:

RSI indicator falls below its 30 level.

Brent Crude (ICE)‎ Intra-Session: Uptrend.

Pivot Point:

82.75

Trading Strategy:

Bullish above 82.75, target prices at 84.00, then 84.50.

Alternative Strategy:

Bearish below 82.75, target prices at 82.25, then 81.80.

Technical Analysis:

The RSI indicator is above the 50% neutral zone.

UK FTSE 100 Futures Intra-Session: No Significant Change.

Pivot Point:

8463.00

Trading Strategy:

Bearish below 8463.00, target prices at 8423.00, then 8400.00.

Alternative Strategy:

Bullish above 8463.00, target prices at 8478.00, then 8490.00.

Technical Analysis:

As long as resistance at 8463.00 persists, the price movement tends to be bearish.

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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