FxPro : Daily Technical Analysis before the European Market Opens, May 15, 2024

Check out today's market perspectives from the global research department of the trading center. Explore new trading methods and US foreign exchange brokeropportunities from popular trading products.

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

Reminder: Due to market volatility, prices may have already passed key points, rendering the strategy ineffective.

GBP/USD Today: Uptrend.

Pivotal Point:

1.2565

Trading Strategy:

Bullish above 1.2565, with targets at 1.2610 and then 1.2630.

Alternative Strategy:

Bearish below 1.2565, with targets at 1.2540 and then 1.2520.

Technical Commentary:

The RSI indicator is moving upwards.

EUR/USD Today: Uptrend.

Pivotal Point:

1.0800

Trading Strategy:

Bullish above 1.0800, with targets at 1.0830 and then 1.0850.

Alternative Strategy:

Bearish below 1.0800, with targets at 1.0780 and then 1.0765.

Technical Commentary:

The RSI indicator is moving upwards.

Spot Gold Today: Very short-term (intraday) support around 2347.00.

Pivotal Point:

2347.00

Trading Strategy:

Bullish above 2347.00, with targets at 2364.00 and then 2371.00.

Alternative Strategy:

Bearish below 2347.00, with targets at 2334.00 and then 2328.00.

Technical Commentary:

RSI indicator is above the 50% neutral area.

EUR/JPY Today: Bullish with support at 168.81, targeting 170.53.

168.81 as the pivotal point.

Trading Strategy:

Bullish with support at 168.81, targeting 170.53.

Alternative Strategy:

A break below 168.81 would indicate a continuing downward trend, with targets at 168.16 and then 167.78.

Technical Commentary:

The RSI indicator exceeds 50. The MACD indicator is below its signal line indicating bullishness. Additionally, the price is above its 20-day and 50-day moving averages (respectively at 169.25 and 169.06).

EUR/GBP Today: Potential rise, targeting 0.8615.

Pivotal point at:

0.8583

Trading Strategy:

Potential rise, targeting 0.8615.

Alternative Strategy:

If it falls below 0.8583, the EUR/GBP target direction is at 0.8572 and then 0.8564.

Technical Commentary:

The RSI indicator is below 50. The MACD indicator is above its signal line indicating bearishness. Moreover, the price is below its 50-day moving average (0.8595) but above its 20-day moving average (0.8593).

USD/CHF Today: Downtrend.

Pivotal Point:

0.9075

Trading Strategy:

Bearish below 0.9075, with targets at 0.9040 and then 0.9025.

Alternative Strategy:

Bullish above 0.9075, with targets at 0.9090 and then 0.9100.

Technical Commentary:

The RSI indicator is trending downwards.

Germany DAX Index Futures (Eurex)‎ (M4)‎ Today: Short-term critical resistance at 18920.00.

Pivotal Point:

18920.00

Trading Strategy:

Bearish below 18920.00, with targets at 18850.00 and then 18798.00.

Alternative Strategy:

Bullish above 18920.00, with targets at 18966.00 and then 19038.00.

Technical Commentary:

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

Brent Crude (ICE)‎ (N4)‎ Today: Targeting 83.60.

Pivotal Point:

82.35

Trading Strategy:

Bullish above 82.35, with targets at 83.30 and then 83.60.

Alternative Strategy:

Bearish below 82.35, with targets at 82.10 and then 81.85.

Technical Commentary:

The RSI indicator shows an upward trend.

UK FTSE 100 Index Futures Today: Bullish above 8460.00.

Pivotal Point:

8460.00

Trading Strategy:

Bullish above 8460.00, with targets at 8501.00 and then 8519.00.

Alternative Strategy:

Bearish below 8460.00, with targets at 8440.00 and then 8411.00.

Technical Commentary:

Above 8460.00 signals a bullish signal, with an upward target at 8501.00.

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.