FxPro Forex: Daily Technical Analysis before the European Market Opens on April 25, 2024

Explore new trading methods and opportunities from popular trading products in today's market view from the Global Research Department at the trading center.

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  

Note: Due to market fluctuations, prices may have moved past key levels, rendering strategies ineffective.

EUR/USD Intraday: Uptrend.

Pivot Point:

1.0690

Trading Strategy:

Bullish above 1.0690 with targets at 1.0730 followed by 1.0745.

Alternative Strategy:

Bearish below 1.0690 with targets at 1.0680 followed by 1.0665.

Technical Comment:

RSI is heading upwards.

Spot Gold Intraday: Short-term key resistance at 2322.00.

Pivot Point:

2322.00

Trading Strategy:

Bearish below 2322.00 with targets at 2300.00 followed by 2291.00.

Alternative Strategy:

Bullish above 2322.00 with targets at 2330.00 followed by 2337.00.

Technical Comment:

As long as the resistance at 2322.00 holds, the price fluctuation trend is bearish.

GBP/USD Intraday: Bullish.

Pivot Point:

1.2440

Trading Strategy:

Bullish above 1.2440 with targets at 1.2480 followed by 1.2510.

Alternative Strategy:

Bearish below 1.2440 with targets at 1.2420 followed by 1.2390.

Technical Comment:

The RSI indicator shows a complex trend leaning towards an uptrend.

EUR/JPY Intraday: Bullish with 166.11 as support.

Pivot Set At:

166.11

Trading Strategy:

Bullish with 166.11 as support.

Alternative Strategy:

A break below 166.11 would indicate a continuing bearish trend, with targets at 165.69 followed by 165.44.

Technical Comment :

The RSI above 70 could indicate a sustained upward trend or an overbought condition needing technical adjustment. We can determine the presence of a technical divergence by comparing the trend between the RSI and price levels. The MACD indicator is bullish and above its signal line. Additionally, the price is above its 20-day and 50-day moving averages (currently at 166.21 and 165.90, respectively).

EUR/GBP Intraday: Bullish.

Pivot point at 0.8582.

Trading Strategy:

Bullish.

Alternative Strategy:

If it falls below 0.8582, the target direction for EUR/GBP is at 0.8571 and then 0.8564.

Technical Comment :

The RSI indicator exceeds 50. The MACD indicator shows a bearish trend and is above its signal line. Additionally, the price is below its 50-day moving average (0.8591) but above its 20-day moving average (0.8587).

USD/CHF Intraday: Bullish above 0.9130.

Pivot Point:

0.9130

Trading Strategy:

Bullish above 0.9130 with targets at 0.9160 followed by 0.9175.

Alternative Strategy:

Bearish below 0.9130 with targets at 0.9120 followed by 0.9105.

Technical Comment:

The RSI lacks downward momentum

Germany DAX Index Futures (Eurex)‎ (M4)‎ Intraday: Uptrend.

Pivot Point:

18279.00

Trading Strategy:

Bullish above 18279.00 with targets at 18478.00 followed by 18570.00.

Alternative Strategy:

Bearish below 18279.00 with targets at 18180.00 followed by 18115.00.

Technical Comment:

Investors should operate cautiously as these support or resistance levels may trigger profit-taking.

Brent Crude (ICE)‎ (M4)‎ Intraday: Bullish.

Pivot Point:

87.60

Trading Strategy:

Bullish above 87.60 with targets at 88.40 followed by 88.85.

Alternative Strategy:

Bearish below 87.60 with targets at 87.10 followed by 86.60.

Technical Comment:

Even though we cannot exclude the possibility of ongoing adjustments, they are likely to be short-lived.

UK FTSE 100 Index Futures Intraday: Ultra-short-term (intraday) support around 8028.00.

Pivot Point:

8028.00

Trading Strategy:

Bullish above 8028.00 with targets at 8135.00 followed by 8205.00.

Alternative Strategy:

Bearish below 8028.00 with targets at 7985.00 followed by 7944.00.

Technical Comment:

The RSI indicator shows a complex trend leaning towards an uptrend.