FxPro: Daily Technical Analysis before the European Market Opens on March 7, 2024.

Explore new trading methods and Foreign exchange brokeropportunities from popular trading products in the daily market view of the Global Research Department of the trading center.

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

Friendly reminder: Due to market fluctuations, prices may have passed key points, rendering strategies ineffective.

Spot Gold Within the day: Further rise.

Pivot point:

2139.00

Trading strategy:

Above 2139.00, bullish with target prices at 2170.00, followed by 2180.00.

Alternative strategy:

Below 2139.00, bearish with target prices set at 2130.00, followed by 2120.00.

Technical commentary:

Its immediate trend maintains upward, with strong momentum.

GBP/USD Within the day: Supported by an upward trend line.

Pivot point:

1.2705

Trading strategy:

Above 1.2705, bullish with target prices at 1.2760, followed by 1.2780.

Alternative strategy:

Below 1.2705, bearish with target prices set at 1.2690, followed by 1.2670.

Technical commentary:

RSI technical indicator shows a complex operation trend, leaning towards an increase.

EUR/USD Within the day: Uptrend.

Pivot point:

1.0880

Trading strategy:

Above 1.0880, bullish with target prices at 1.0915, followed by 1.0930.

Alternative strategy:

Below 1.0880, bearish with target prices set at 1.0865, followed by 1.0850.

Technical commentary:

RSI technical indicator shows a complex operation trend, leaning towards an increase.

EUR/JPY Within the day: Gradually declining, with 163.07 as a barrier for upward movement and 161.96 as the target.

Pivot point at:

163.07

Trading strategy:

Gradually declining, with 163.07 as a barrier for upward movement and 161.96 as the target.

Alternative strategy:

If breaking through 163.07, EUR/JPY targets 163.48 and 163.72.

Technical commentary:

RSI technical indicator below 50. MACD technical indicator shows a bullish state and is below its signal line. Additionally, the price is below its 20-day moving average (162.75) but above its 50-day moving average (162.74).

EUR/GBP Within the day: Bullish, with 0.8550 as the support level.

0.8550 as the pivot point.

Trading strategy:

Bullish, with 0.8550 as the support level.

Alternative strategy:

If falling below 0.8550, EUR/GBP target direction is set at 0.8540 and 0.8534.

Technical commentary:

RSI technical indicator greater than the neutral area 50. MACD technical indicator shows a bullish state and is above its signal line. Moreover, the price is above its 20-day and 50-day moving averages (located at 0.8555 and 0.8549, respectively). Finally, the price breaks through the upper band of its Bollinger bands (located at 0.8561).

USD/CHF Within the day: Adjustment.

Pivot point:

0.8840

Trading strategy:

Below 0.8840, bearish with target prices at 0.8800, followed by 0.8780.

Alternative strategy:

Above 0.8840, bullish with target prices set at 0.8855, followed by 0.8865.

Technical commentary:

RSI technical indicator shows a complex operation trend, leaning towards a decline.

Germany DAX Index Futures (Eurex)‎ (H4)‎ Within the day: No notable change in trend.

Pivot point:

17655.00

Trading strategy:

Above 17655.00, bullish with target prices at 17775.00, followed by 17817.00.

Alternative strategy:

Below 17655.00, bearish with target prices set at 17618.00, followed by 17576.00.

Technical commentary:

A support base around 17655.00 will bring short-term stability in the trend.

Brent Crude (ICE)‎ (K4)‎ Within the day: Under pressure.

Pivot point:

83.45

Trading strategy:

Below 83.45, bearish with target prices at 82.50, followed by 82.10.

Alternative strategy:

Above 83.45, bullish with target prices set at 84.00, followed by 84.50.

Technical commentary:

RSI technical indicator is bearish, with room for further decline.

FTSE 100 Index Futures Within the day: Bullish above 7605.00.

Pivot point:

7605.00

Trading strategy:

Above 7605.00, bullish with target prices at 7664.00, followed by 7678.00.

Alternative strategy:

Below 7605.00, bearish with target prices set at 7575.00, followed by 7554.00.

Technical commentary:

RSI technical indicator is bullish, with a further upwards trend.

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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