FxPro: Daily Technical Analysis before the European Market Opens on May 20, 2024

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

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

Note: Due to market volatility, prices might have surpassed key points, causing strategy invalidation.

Gold Spot Intraday: Uptrend.

Pivot point:

2412.00

Trading strategy:

Above 2412.00, look for bullish targets at 2460.00 and then 2475.00.

Alternative strategy:

Below 2412.00, look for bearish targets at 2395.00 and then 2385.00.

Technical comment:

Subsequent resistance levels are 2460.00 and then 2475.00.

EUR/USD Intraday: Further upside.

Pivot point:

1.0850

Trading strategy:

Above 1.0850, look for bullish targets at 1.0890 and then 1.0910.

Alternative strategy:

Below 1.0850, look for bearish targets at 1.0835 and then 1.0820.

Technical comment:

The RSI technical indicator is trending upwards.

GBP/USD Intraday: Uptrend.

Pivot point:

1.2675

Trading strategy:

Above 1.2675, look for bullish targets at 1.2720 and then 1.2740.

Alternative strategy:

Below 1.2675, look for bearish targets at 1.2655 and then 1.2640.

Technical comment:

The RSI technical indicator is trending upwards.

EUR/JPY Intraday: Bullish, support at 168.89.

Pivot point at:

168.89

Trading strategy:

Bullish as long as 168.89 is support.

Alternative strategy:

If below 168.89, EUR/JPY targets set at 168.24 and 167.85.

Technical comment:

RSI above 50. MACD above its signal line, bullish. Also, prices above the 20 and 50-day moving averages (169.33 and 169.18 respectively).

EUR/GBP Intraday: Bullish.

Pivot point at 0.8550.

Trading strategy:

Bullish.

Alternative strategy:

Below 0.8550, the downtrend may continue targeting 0.8538 and then 0.8531.

Technical comment:

RSI above 50. MACD above signal line, showing bullish momentum. Price below the 50-day MA (0.8566) but above the 20-day MA (0.8558).

USD/CHF Intraday: Bullish.

Pivot point:

0.9065

Trading strategy:

Above 0.9065, look for bullish targets at 0.9115 and then 0.9135.

Alternative strategy:

Below 0.9065, look for bearish targets at 0.9050 and then 0.9030.

Technical comment:

Subsequent resistance levels are 0.9115 and then 0.9135.

DAX Futures (Eurex)‎ (M4)‎ Intraday: Short-term adjustment.

Pivot point:

18910.00

Trading strategy:

Below 18910.00, look for bearish targets at 18792.00 and then 18722.00.

Alternative strategy:

Above 18910.00, look for bullish targets at 18965.00 and then 19018.00.

Technical comment:

RSI lacks momentum.

Brent Crude Oil (ICE)‎ (N4)‎ Intraday: Target at 84.60.

Pivot point:

83.50

Trading strategy:

Above 83.50, look for bullish targets at 84.60 and then 85.10.

Alternative strategy:

Below 83.50, look for bearish targets at 83.05 and then 82.65.

Technical comment:

RSI showing complex but upward trend.

FTSE 100 Futures Intraday: Near-term support around 8438.00.

Pivot point:

8438.00

Trading strategy:

Above 8438.00, look for bullish targets at 8470.00 and then 8488.00.

Alternative strategy:

Below 8438.00, look for bearish targets at 8423.00 and then 8408.00.

Technical comment:

RSI showing complex but upward trend.