FxPro: Daily Technical Analysis for European Market Opening on June 5, 2024

Explore today's market views from our Global Research Department at the Trading Center. Discover new trading strategies and opportunities among popular trading products.

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

Note: Due to market volatility, prices may have crossed key levels, rendering some strategies ineffective.

GBP/USD Intraday: Under Pressure.

Pivot:

1.2790

Trading Strategy:

Bearish below 1.2790 with targets at 1.2755 and 1.2740.

Alternative Strategy:

Bullish above 1.2790 with targets at 1.2815 and 1.2835.

Technical Commentary:

As long as 1.2790 resistance holds, there is a bearish bias.

USD/CHF Intraday: Continuation of the Uptrend.

Pivot:

0.8880

Trading Strategy:

Bullish above 0.8880 with targets at 0.8920 and 0.8940.

Alternative Strategy:

Bearish below 0.8880 with targets at 0.8865 and 0.8850.

Technical Commentary:

The RSI is complex but trends upward.

EUR/USD Intraday: Short-term Key Resistance at 1.0890.

Pivot:

1.0890

Trading Strategy:

Bearish below 1.0890 with targets at 1.0870 and 1.0860.

Alternative Strategy:

Bullish above 1.0890 with targets at 1.0905 and 1.0915.

Technical Commentary:

As long as 1.0890 resistance is intact, there's a high risk of breaking below 1.0870.

Spot Gold Intraday: Targeting 2355.00.

Pivot:

2324.00

Trading Strategy:

Bullish above 2324.00 with targets at 2345.00 and 2355.00.

Alternative Strategy:

Bearish below 2324.00 with targets at 2314.00 and 2306.00.

Technical Commentary:

RSI indicators are bullish.

EUR/JPY Intraday: Bullish, with Support at 168.73.

Pivot:

168.73

Trading Strategy:

Bullish above 168.73.

Alternative Strategy:

If below 168.73, target 168.08 and 167.69.

Technical Commentary:

RSI above 50, MACD is bullish and above its signal line. Price is above the 20 and 50-day moving averages (168.84 and 168.83, respectively).

EUR/GBP Intraday: Gradually Declining, Targeting 0.8501 if 0.8524 Resists.

Pivot:

0.8524

Trading Strategy:

Gradually declining, targeting 0.8501 if 0.8524 resists.

Alternative Strategy:

If above 0.8524, target 0.8533 and 0.8538.

Technical Commentary:

RSI below 50, MACD is bearish and below its signal line. The price is below the 20-day moving average (0.8518) but above the 50-day moving average (0.8515).

Germany DAX Futures (Eurex) Intraday: Short-term Key Resistance at 18755.00.

Pivot:

18755.00

Trading Strategy:

Bearish below 18755.00 with targets at 18423.00 and 18319.00.

Alternative Strategy:

Bullish above 18755.00 with targets at 18830.00 and 18915.00.

Technical Commentary:

As long as 18755.00 resistance holds, there is a bearish bias.

Brent Crude (ICE) Intraday: Under Pressure.

Pivot:

78.05

Trading Strategy:

Bearish below 78.05 with targets at 76.80 and 76.10.

Alternative Strategy:

Bullish above 78.05 with targets at 78.75 and 79.60.

Technical Commentary:

Immediate trend remains downwards but lacks momentum.

UK FTSE 100 Futures Intraday: No Clear Trend.

Pivot:

8250.00

Trading Strategy:

Bullish above 8250.00 with targets at 8327.00 and 8356.00.

Alternative Strategy:

Bearish below 8250.00 with targets at 8222.00 and 8195.00.

Technical Commentary:

Immediate trend remains upwards but lacks momentum.