FxPro: Daily Technical Analysis before the European Market Opens, March 21, 2024

View the market insights of the Global Research Department in the Trading Center today. Explore new trading methods and The largest foreign exchange traderopportunities from popular trading products.

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

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

Spot Gold Within the day: Bullish above 2180.00.

Pivot point:

2180.00

Trading strategy:

Bullish above 2180.00, with target prices at 2222.00, followed by 2235.00.

Alternative strategy:

Bearish below 2180.00, with target prices at 2171.00, followed by 2162.00.

Technical commentary:

The RSI technical indicator shows a complex trend, inclined towards rising.

Pound/USD Within the day: Rising trend.

Pivot point:

1.2765

Trading strategy:

Bullish above 1.2765, with target prices at 1.2815, followed by 1.2840.

Alternative strategy:

Bearish below 1.2765, with target prices at 1.2735, followed by 1.2705.

Technical commentary:

The RSI technical indicator is on an upward trajectory.

Euro/USD Within the day: Further rise.

Pivot point:

1.0900

Trading strategy:

Bullish above 1.0900, with target prices at 1.0960, followed by 1.0980.

Alternative strategy:

Bearish below 1.0900, with target prices at 1.0875, followed by 1.0855.

Technical commentary:

The RSI technical indicator is on an upward trajectory.

Euro/Yen Within the day: Bullish, with support at 164.51, targeting 165.65.

Pivot point set at:

164.51

Trading strategy:

Bullish, with support at 164.51, targeting 165.65.

Alternative strategy:

If it falls below 164.51, target direction set at 164.10 and 163.86.

Technical commentary:

The RSI technical indicator is above 50. The MACD technical indicator shows a bullish state and is below its signal line. Moreover, prices are above their 20-day and 50-day moving averages (currently at 164.82 and 164.68).

Euro/Pound Within the day: Bullish, with support at 0.8540.

0.8540 as the pivot point.

Trading strategy:

Bullish, with support at 0.8540.

Alternative strategy:

A downward breach of 0.8540 will bring a continuing downward trend, with target prices at 0.8529 followed by 0.8523.

Technical commentary:

The RSI technical indicator is above 50. The MACD technical indicator is bullish and above its signal line. In addition, prices are above their 20-day and 50-day moving averages (currently at 0.8545 and 0.8543).

USD/Swiss Franc Within the day: Under pressure.

Pivot point:

0.8870

Trading strategy:

Bearish below 0.8870, with target prices at 0.8820, followed by 0.8800.

Alternative strategy:

Bullish above 0.8870, with target prices at 0.8895, followed by 0.8915.

Technical commentary:

As long as the resistance at 0.8870 is not breached, the risk of a drop below 0.8820 is high.

Germany DAX Index Futures (Eurex)‎ (M4)‎ Within the day: Bullish above 18205.00.

Pivot point:

18205.00

Trading strategy:

Bullish above 18205.00, with target prices at 18295.00, followed by 18345.00.

Alternative strategy:

Bearish below 18205.00, with target prices at 18150.00, followed by 18074.00.

Technical commentary:

The RSI technical indicator shows a complex trend, inclined towards rising.

Brent Crude (ICE)‎ (K4)‎ Within the day: Rising.

Pivot point:

85.90

Trading strategy:

Bullish above 85.90, with target prices at 86.90, followed by 87.30.

Alternative strategy:

Bearish below 85.90, with target prices at 85.60, followed by 85.20.

Technical commentary:

The RSI technical indicator is bullish.

UK FTSE 100 Index Futures Within the day: Ultra-short-term (within the day) support near 7743.00.

Pivot point:

7743.00

Trading strategy:

Bullish above 7743.00, with target prices at 7769.00, followed by 7780.00.

Alternative strategy:

Bearish below 7743.00, with target prices at 7734.00, followed by 7719.00.

Technical commentary:

The RSI technical indicator shows a complex trend, proceed with caution.

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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