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EUR/USD: Weekly and monthly pivot point and signal – for July 29 – August 03, 2013
July 29, 2013 3:30 pmVideo
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The 1.33 level has proven to be a very strong resistance for the euro. If you look at the monthly chart of the pivots, there is a line of R1 which is located at 1.3298, just the area where the pair turned around. In view of which it is now negotiating below the monthly resistance. It is more likely to see the single currency’s decline to the level of 1.3127, monthly pivot point area. Because Wednesday and Thursday will be volatile, we believe that the euro could have a downward movement. On the other hand, watching the weekly chart, there is a very close support keeping the pair in the short-term uptrend, which is the area of 1.3237. At this level the pair can resume bullish strength and go up to the 1.3339, first weekly resistance, and even further up to 1.3397. Nevertheless, a close in 4H charts below the weekly pivot point will be a clear bearish signal, which will push the pair to 1.3077 support level, which coincides with the 200-day moving average. Therefore, we see the following trading signals will be valid for all this week.
Signals for July 29 – August 03, 2013
Sell in case of a pullback to 1.3298 (Monthly_R1), take profit is at 1.3127 (M_PV), and stop loss is above R1.
Buy if rebound is around 1.3237 (W_PV), take profit is at 1.3339 (W_R1) and 1.3397, and stop loss is below 1.32.
Sell if it closes 4H chart below 1.3220 (W_PV), take profits are at 1.3179 and 1.3077 (W_S2), and stop loss is at 1.3339.
____WEEKLY_______
Weekly – R3 = 1.3499
Weekly – R2 = 1.3397
Weekly – R1 = 1.3339
Weekly Pivot = 1.3237
Weekly – S1 = 1.3179
Weekly – S2 = 1.3077
Weekly – S3 = 1.3019
____MONTHLY____
Monthly – R3 = 1.3759
Monthly – R2 = 1.3588
Monthly – R1 = 1.3298
Monthly Pivot = 1.3127
Monthly – S1 = 1.2837
Monthly – S2 = 1.2666
Monthly – S3 = 1.2376
If you would like to get this indicator, feel free to contact me via skype: gerardofx or email: [email protected]
The material has been provided by InstaForex Company – www.instaforex.com
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