FxPro Analysis: April 24, 2024, European Market Outlook Before Opening
Explore new trading methods and opportunities from popular trading products in the global research department's market outlook today.
EUR/USD Spot Gold GBP/USD EUR/JPY EUR/GBP USD/CHF German DAX Index Futures (Eurex) Brent Crude (ICE) UK FTSE 100 Index Futures
Friendly Reminder: Due to market volatility, prices may have passed key points, rendering strategies ineffective.
Spot Gold Today: Bullish.
Pivot Point:
2315.00
Trading Strategy:
Above 2315.00, bullish, with target prices at 2332.00 and then 2343.00.
Alternative Strategy:
Below 2315.00, bearish, with target prices at 2305.00 and then 2291.00.
Technical Commentary:
The RSI indicator shows a continuing upward trend.
GBP/USD Today: Upward trend.
Pivot Point:
1.2420
Trading Strategy:
Above 1.2420, bullish, with target prices at 1.2480 and then 1.2510.
Alternative Strategy:
Below 1.2420, bearish, with target prices at 1.2390 and then 1.2360.
Technical Commentary:
The RSI indicator trend is complex, tending to rise.
EUR/USD Today: Upward trend.
Pivot Point:
1.0680
Trading Strategy:
Above 1.0680, bullish, with target prices at 1.0730 and then 1.0745.
Alternative Strategy:
Below 1.0680, bearish, with target prices at 1.0650 and then 1.0635.
Technical Commentary:
The RSI indicator trend is complex, tending to rise.
EUR/JPY Today: Bullish, with support at 165.42 and target at 166.55.
Pivot point at 165.42.
Trading Strategy:
Bullish, with support at 165.42 and target at 166.55.
Alternative Strategy:
If falling below 165.42, target directions set at 165 and 164.75.
Technical Commentary:
The RSI is above the neutral zone of 50. MACD is below its signal line but bullish. Moreover, prices are above their 20-day and 50-day moving averages (currently at 165.71 and 165.44).
EUR/GBP Today: Possible rise, target price set at 0.8616.
Pivot point at 0.8586.
Trading Strategy:
Possible rise, target price set at 0.8616.
Alternative Strategy:
If breaking below 0.8586, a continuing downward trend is expected, with targets at 0.8575 and then 0.8568.
Technical Commentary:
RSI is below the neutral zone of 50. MACD is above its signal line, indicating bearishness. Additionally, the price is below its 50-day moving average (0.8607) but above the 20-day moving average (0.8595).
USD/CHF Today: Bullish above 0.9100.
Pivot Point:
0.9100
Trading Strategy:
Above 0.9100, bullish, with target prices at 0.9130 and then 0.9150.
Alternative Strategy:
Below 0.9100, bearish, with target prices at 0.9085 and then 0.9070.
Technical Commentary:
The RSI indicator is on an upward trend.
German DAX Index Futures (Eurex) (M4): Upward trend.
Pivot Point:
17965.00
Trading Strategy:
Above 17965.00, bullish, with target prices at 18250.00 and then 18370.00.
Alternative Strategy:
Below 17965.00, bearish, with target prices at 17870.00 and then 17770.00.
Technical Commentary:
Even though a continuation of the adjustment is not excluded, it should be limited in time.
Brent Crude (ICE) (M4): Further increase.
Pivot Point:
87.50
Trading Strategy:
Above 87.50, bullish, with target prices at 89.50 and then 90.30.
Alternative Strategy:
Below 87.50, bearish, with target prices at 86.90 and then 86.10.
Technical Commentary:
The RSI indicator is bullish, with room for further rise.
UK FTSE 100 Index Futures Today: Bullish above 7965.00.
Pivot Point:
7965.00
Trading Strategy:
Above 7965.00, bullish, with target prices at 8135.00 and then 8205.00.
Alternative Strategy:
Below 7965.00, bearish, with target prices at 7907.00 and then 7841.00.
Technical Commentary:
Even though a continuation of the adjustment is not excluded, it should be limited in time.
