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EUR/USD – Weekly and Monthly Pivot Points for July 16 – 20, 2012
The pivot point is used as support and resistance at the same time; it is the first level that we observe. For this week the pivot points (weekly and monthly) for EUR/USD are: 1.2248 weekly; 1.2564 monthly.
The euro is located near the pivot weekly and bellow the Moving Average of 200 periods.
Therefore, the pivot points indicate the following:
1) If the price set by the pivot point is broken in an upward motion, the market is bullish and, conversely, if the pivot point is broken in a downward motion, the market is bearish.
2) They can provide points of market entry and exit or can be removed which is useful for trading strategy. For example, a sell limit order can be placed on a level support for open if this support is broken and the stop loss can be placed for this order in one of the Resistances.
Signal For 16 – 20 July
Buy long 1.2170 with Take Profit at 1.2410 and with the Stop Loss at 1.2100 or Buy above 1.2250 with Take Profit at 1.1.2410.
Weekly – R3 = 1.2504
Weekly – R2 = 1.2419
Weekly – R1 = 1.2333
Weekly Pivot = 1.2248
Weekly – S1 = 1.2162
Weekly – S2 = 1.2077
Weekly – S3 = 1.1991
Monthly – R3 = 1.3301
Monthly – R2 = 1.3023
Monthly – R1 = 1.2842
Monthly Pivot = 1.2564
Monthly – S1 = 1.2383
Monthly – S2 = 1.2105
Monthly – S3 = 1.1924
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The material has been provided by Instaforex Company – instaforex.com