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

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

Reminder: Due to market fluctuations, prices may have crossed key levels, rendering the strategy ineffective.

Spot Gold Within the day: Bullish above 2374.00.

Pivot Point:

2374.00

Trading Strategy:

Bullish above 2374.00, targeting 2398.00, then 2409.00.

Alternative Strategy:

Bearish below 2374.00, targeting 2362.00, then 2352.00.

Technical Commentary:

Subsequent resistance levels are 2398.00, then 2409.00.

GBP/USD Within the day: Dragged down by the downtrend line.

Pivot Point:

1.2470

Trading Strategy:

Bearish below 1.2470, targeting 1.2400, then 1.2375.

Alternative Strategy:

Bullish above 1.2470, targeting 1.2495, then 1.2520.

Technical Commentary:

As long as the resistance at 1.2470 persists, there is a bearish trend in price fluctuations.

EUR/USD Within the day: Short-term critical resistance at 1.0650.

Pivot Point:

1.0650

Trading Strategy:

Bearish below 1.0650, targeting 1.0600, then 1.0585.

Alternative Strategy:

Bullish above 1.0650, targeting 1.0665, then 1.0680.

Technical Commentary:

As long as the resistance at 1.0650 persists, there is a bearish trend in price fluctuations.

EUR/JPY Within the day: Bearish, with 164.67 as resistance.

Pivot Point: 164.67

Trading Strategy:

Bearish, with 164.67 as resistance.

Alternative Strategy:

If it breaches 164.67, EUR/JPY targets 165.13 and 165.41.

Technical Commentary:

The RSI is below the neutral 50 zone. The MACD is below its signal line indicating bullishness. Moreover, the price is below its 20 and 50-day moving averages (positioned at 164.30 and 164.24, respectively).

EUR/GBP Within the day: Bullish, with 0.8539 as the support point.

Pivot Point:

0.8539

Trading Strategy:

Bullish, with 0.8539 as support.

Alternative Strategy:

A break below 0.8539 would indicate a continuation of the downtrend, with targets at 0.8529 and then 0.8523.

Technical Commentary:

The RSI is above 50. The MACD is bullish and above its signal line. Moreover, the price is above its 20 and 50-day moving averages (currently at 0.8546 and 0.8542, respectively).

USD/CHF Within the day: Under pressure.

Pivot Point:

0.9140

Trading Strategy:

Bearish below 0.9140, targeting 0.9110, then 0.9095.

Alternative Strategy:

Bullish above 0.9140, targeting 0.9155, then 0.9170.

Technical Commentary:

A drop below 0.9110 will lead to a decline to 0.9095.

German DAX Index Futures (Eurex)‎ Within the day: On a downtrend.

Pivot Point:

18170.00

Trading Strategy:

Bearish below 18170.00, targeting 17920.00, then 17830.00.

Alternative Strategy:

Bullish above 18170.00, targeting 18260.00, then 18400.00.

Technical Commentary:

The RSI is bearish, indicating a further downward trend.

Brent Crude (ICE) Within the day: Targeting 88.40.

Pivot Point:

90.25

Trading Strategy:

Bearish below 90.25, targeting 88.90, then 88.40.

Alternative Strategy:

Bullish above 90.25, targeting 90.80, then 91.30.

Technical Commentary:

The RSI shows a new downward trend.

UK FTSE 100 Index Futures Within the day: On a downtrend.

Pivot Point:

7942.00

Trading Strategy:

Bearish below 7942.00, targeting 7836.00, then 7795.00.

Alternative Strategy:

Bullish above 7942.00, targeting 7982.00, then 8019.00.

Technical Commentary:

The RSI is bearish, indicating further room for a decline.

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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