FxPro: Daily Technical Analysis before the European Market Opens on May 8, 2024

Explore the latest market perspectives from the Global Research Department of the Trading Center. Discover new trading methods and How do I open an account if I want to trade foreign exchangeopportunities from popular trading products.

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

Kind reminder: Due to market fluctuations, prices may have crossed key levels, rendering strategies ineffective.

Spot Gold Trending: Facing resistance.

Pivot Point:

2322.00

Trading Strategy:

Bearish below 2322.00, with target prices at 2306.00, then 2292.00.

Alternative Strategy:

Bullish above 2322.00, with target prices at 2332.00, then 2346.00.

Technical Commentary:

As long as resistance at 2322.00 holds, expect a bearish trend in price fluctuation.

GBP/USD Trending: Downward.

Pivot Point:

1.2520

Trading Strategy:

Bearish below 1.2520, with target prices at 1.2460, then 1.2440.

Alternative Strategy:

Bullish above 1.2520, with target prices at 1.2545, then 1.2565.

Technical Commentary:

RSI technical indicator has fallen below the 30 level.

EUR/USD Trending: Targeting 1.0730.

Pivot Point:

1.0760

Trading Strategy:

Bearish below 1.0760, with target prices at 1.0730, then 1.0715.

Alternative Strategy:

Bullish above 1.0760, with target prices at 1.0775, then 1.0790.

Technical Commentary:

Breaking below 1.0730 could trigger a further drop to 1.0715.

EUR/JPY Trending: Bullish with support at 166.09.

Pivot Point:

166.09

Trading Strategy:

Bullish with support at 166.09.

Alternative Strategy:

If it falls below 166.09, EUR/JPY targets are at 165.46 and 165.08.

Technical Commentary:

RSI technical indicator is above the neutral 50 area. MACD technical indicator is above its signal line, indicating a bullish outlook. Additionally, the price is above its 20-day and 50-day moving averages (located at 166.43 and 166.35 respectively).

EUR/GBP Trending: Bullish with support at 0.8591, targeting 0.8622.

Pivot Point:

0.8591

Trading Strategy:

Bullish with support at 0.8591, targeting 0.8622.

Alternative Strategy:

Breaking below 0.8591 may lead to a continuation of the downward trend, with targets at 0.8579 then 0.8572.

Technical Commentary:

RSI technical indicator is above 50. MACD technical indicator is below its signal line but indicates a bullish outlook. Additionally, the price is above its 20-day and 50-day moving averages (located at 0.8599 and 0.8590 respectively).

USD/CHF Trending: Aiming for 0.9100.

Pivot Point:

0.9070

Trading Strategy:

Bullish above 0.9070, with target prices at 0.9100, then 0.9115.

Alternative Strategy:

Bearish below 0.9070, with target prices at 0.9055, then 0.9040.

Technical Commentary:

Above 0.9070 signals a bullish trend, with upward targets at 0.9100.

Germany DAX Index Futures (Eurex) (M4): Trending upwards.

Pivot Point:

18279.00

Trading Strategy:

Bullish above 18279.00, with target prices at 18439.00, then 18495.00.

Alternative Strategy:

Bearish below 18279.00, with target prices at 18230.00, then 18160.00.

Technical Commentary:

The RSI technical indicator has just reached the 50% neutral zone, indicating a bullish reversal.

Brent Crude Oil (ICE) (N4): Trending downward.

Pivot Point:

83.30

Trading Strategy:

Bearish below 83.30, with target prices at 82.40, then 82.00.

Alternative Strategy:

Bullish above 83.30, with target prices at 83.85, then 84.40.

Technical Commentary:

Breaking below 82.40 could lead to a further decline to 82.00.

UK FTSE 100 Index Futures: Trending upwards.

Pivot Point:

8262.00

Trading Strategy:

Bullish above 8262.00, with target prices at 8339.00, then 8374.00.

Alternative Strategy:

Bearish below 8262.00, with target prices at 8239.00, then 8207.00.

Technical Commentary:

Investors should exercise caution as these support or resistance levels may prompt profit-taking.

Risk Warning and Disclaimer

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.

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