FxPro: Daily Technical Analysis for May 21, 2024, Before European Market Opening

Check the market insights from the Global Research Department of the Trading Centre today. Explore new trading methods and ptfx foreign exchange latest news todayopportunities from popular trading products.

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

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

EUR/USD Intraday: Short-term key resistance at 1.0870.

Pivot point:

1.0870

Trading strategy:

Bearish below 1.0870 with targets at 1.0845 and 1.0835.

Alternative strategy:

Bullish above 1.0870 with targets at 1.0885 and 1.0900.

Technical commentary:

As long as the resistance at 1.0870 holds, the price trend remains bearish.

Spot Gold Intraday: Downward trend.

Pivot point:

2432.00

Trading strategy:

Bearish below 2432.00 with targets at 2395.00 and 2381.00.

Alternative strategy:

Bullish above 2432.00 with targets at 2450.00 and 2460.00.

Technical commentary:

The RSI technical indicator is moving downwards.

GBP/USD Intraday: Bullish.

Pivot point:

1.2690

Trading strategy:

Bullish above 1.2690 with targets at 1.2725 and 1.2740.

Alternative strategy:

Bearish below 1.2690 with targets at 1.2675 and 1.2660.

Technical commentary:

The RSI technical indicator is moving upwards.

EUR/JPY Intraday: Bullish with support at 169.32, targeting 171.08.

Pivot point:

169.32

Trading strategy:

Bullish with support at 169.32, targeting 171.08.

Alternative strategy:

A break below 169.32 would bring a continued downtrend towards 168.67 and 168.28.

Technical commentary:

The RSI technical indicator is above 50. The MACD technical indicator is below its signal line, indicating a bullish outlook. Additionally, the price is above its 20-day and 50-day moving averages (currently at 169.78 and 169.58).

EUR/GBP Intraday: Potential for rise, targeting 0.8565.

Pivot point:

0.8533

Trading strategy:

Potential for rise, targeting 0.8565.

Alternative strategy:

A break below 0.8533 would bring a continued downtrend towards 0.8521 and 0.8514.

Technical commentary:

The RSI technical indicator is below the neutral 50 region. The MACD technical indicator shows a bearish state and is above its signal line. Additionally, the price is below its 20-day and 50-day moving averages (located at 0.8544 and 0.8550, respectively).

USD/CHF Intraday: Upward trend.

Pivot point:

0.9090

Trading strategy:

Bullish above 0.9090 with targets at 0.9115 and 0.9130.

Alternative strategy:

Bearish below 0.9090 with targets at 0.9075 and 0.9060.

Technical commentary:

The RSI technical indicator is moving upwards.

German DAX Index Futures (Eurex) Intraday: Short-term key resistance at 18887.00.

Pivot point:

18887.00

Trading strategy:

Bearish below 18887.00 with targets at 18748.00 and 18706.00.

Alternative strategy:

Bullish above 18887.00 with targets at 18965.00 and 19018.00.

Technical commentary:

As long as the resistance at 18887.00 holds, the price trend remains bearish.

Brent Crude Oil (ICE) Intraday: Under pressure.

Pivot point:

83.75

Trading strategy:

Bearish below 83.75 with targets at 83.00 and 82.40.

Alternative strategy:

Bullish above 83.75 with targets at 84.20 and 84.50.

Technical commentary:

The RSI technical indicator is showing a new downward trend.

UK FTSE 100 Index Futures Intraday: Under pressure.

Pivot point:

8446.00

Trading strategy:

Bearish below 8446.00 with targets at 8368.00 and 8340.00.

Alternative strategy:

Bullish above 8446.00 with targets at 8471.00 and 8489.00.

Technical commentary:

The RSI technical indicator has dropped below 30.

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.