FxPro Forex: Daily Technical Analysis before the European Market Opens, March 13, 2024

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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  

Kind reminder: Due to market fluctuations, prices may have crossed key points, making the strategy ineffective.

Spot Gold Intraday: Targeting 2143.00.

Pivot Point:

2166.00

Trading Strategy:

Below 2166.00, bearish, target levels at 2150.00, then 2143.00.

Alternative Strategy:

Above 2166.00, bullish, target levels set at 2173.00, then 2181.00.

Technical Comment:

As long as the resistance at 2166.00 is not breached, the risk of a drop to below the 2150.00 position is high.

GBP/USD Intraday: Key short-term resistance at 1.2810.

Pivot Point:

1.2810

Trading Strategy:

Below 1.2810, bearish, target levels at 1.2775, then 1.2760.

Alternative Strategy:

Above 1.2810, bullish, target levels set at 1.2825, then 1.2840.

Technical Comment:

The potential for a rise may be capped by the resistance at 1.2810.

EUR/USD Intraday: Key short-term resistance at 1.0940.

Pivot Point:

1.0940

Trading Strategy:

Below 1.0940, bearish, target levels at 1.0915, then 1.0900.

Alternative Strategy:

Above 1.0940, bullish, target levels set at 1.0955, then 1.0970.

Technical Comment:

As long as the resistance at 1.0940 is not breached, the risk of a drop to below the 1.0915 position is high.

EUR/JPY Intraday: Bullish, provided 160.87 is not breached.

Pivot Point: 160.87.

Trading Strategy:

Bullish, provided 160.87 is not breached.

Alternative Strategy:

If it falls below 160.87, target directions set at 160.46 and 160.21.

Technical Comment:

RSI indicator is above 50. MACD indicator is bearish and above its signal line. Additionally, the price is above its 20-day and 50-day moving averages (situated at 161.19 and 161.21, respectively).

EUR/GBP Intraday: Bullish, with 0.8530 as support.

Pivot Point: 0.8530.

Trading Strategy:

Bullish, with 0.8530 as support.

Alternative Strategy:

If it breaks below 0.8530, target directions set at 0.8519 and 0.8512.

Technical Comment:

RSI indicator is above 50. MACD indicator is bullish and above its signal line. Moreover, the price is above its 20-day and 50-day moving averages (situated at 0.8540 and 0.8542, respectively). Finally, the stock price is currently above the upper band of the Bollinger channels (situated at 0.8542).

USD/CHF Intraday: Uptrend.

Pivot Point:

0.8755

Trading Strategy:

Above 0.8755, bullish, target levels at 0.8795, then 0.8810.

Alternative Strategy:

Below 0.8755, bearish, target levels set at 0.8740, then 0.8725.

Technical Comment:

RSI indicator is trending upwards.

Germany DAX Index Futures (Eurex)‎ (H4)‎ Intraday: Ultra short-term (intraday) support around 17765.00.

Pivot Point:

17765.00

Trading Strategy:

Above 17765.00, bullish, target levels at 17870.00, then 17925.00.

Alternative Strategy:

Below 17765.00, bearish, target levels set at 17700.00, then 17635.00.

Technical Comment:

RSI indicator lacks momentum

Brent Crude (ICE)‎ (K4)‎ Intraday: Short-term key resistance at 82.70.

Pivot Point:

82.70

Trading Strategy:

Below 82.70, bearish, target levels at 82.00, then 81.70.

Alternative Strategy:

Above 82.70, bullish, target levels set at 83.00, then 83.50.

Technical Comment:

As long as the resistance at 82.70 exists, there is a bearish trend in price volatility.

UK FTSE 100 Index Futures Intraday: A new round of rise.

Pivot Point:

7683.00

Trading Strategy:

Above 7683.00, bullish, target levels at 7761.00, then 7789.00.

Alternative Strategy:

Below 7683.00, bearish, target levels set at 7662.00, then 7642.00.

Technical Comment:

Even though we cannot exclude the possibility of a continued adjustment, it should be limited in terms of duration.

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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