The euro has managed to close the week above the psychological level of 1.30. If you remember this level has proven to be key in defining the trend of the pair in previous months. Now this pair is trading below the weekly pivot, we expect a strong top on the level of 1.31. If the pair breaks this level, the way is free to the resistance level of 1.3235. If you look at the graph, the euro is in a short-term bearish channel, it is likely to try to break this level in the coming days. On the other hand, if the pair closes below 1.30 level, the pair would fall to 1.2883, first weekly support. We consider that this signal will have validity for the whole week.
Signals for March 04 - 09, 2013
Buy in case of close above 1.3101 (W_PPV), take profit is at 1.3235, and stop loss is below weekly pivot (W_PV) at 1.3050.
Sell in case of pullback at 1.31, take profit is at 1.2883, and stop loss is above 1.3150 (W_PV).
____WEEKLY_______
Weekly - R3 = 1.3587
Weekly - R2 = 1.3553
Weekly - R1 = 1.3235
Weekly Pivot = 1.3101
Weekly - S1 = 1.2883
Weekly - S2 = 1.2749
Weekly - S3 = 1.2531
If you would like to get this indicator, feel free to contact me via email: gerardo.porras@analytics.instaforex.com
____MONTHLY____
Monthly – R3 = 1.4198
Monthly – R2 = 1.3954
Monthly – R1 = 1.3505
Monthly Pivot = 1.3261
Monthly – S1 = 1.2812
Monthly – S2 = 1.2568
Monthly – S3 = 1.2119
