The euro opened the week with a downward gap of over 170 pips, from closing at 1.3075 on Friday, to a low of 1.2881 this week. This morning it is trying to fill the gap left by the pair, the first resistance should which confront the pair is located on the weekly pivot point 1.3030. If the pair can overcome this level it is likely it completely covers the gap and the first resistance is up to 1.3150 weekly. On the other hand, you can sell the pair below 1.3030 with targets to 1.2835, 200 day moving average. Therefore, we recommend operating this pair with caution.
Signals for March 18 - 23, 2013
Buy in case of close above 1.3030 (W_PPV), take profits are at 1.3150 and 1.3225, and stop loss is below first weekly support (W_S1) at 1.2955.
Sell in case of pullback is at 1.3030, take profit is at 1.2835, and stop loss is above 1.3070.
____WEEKLY_______
Weekly - R3 = 1.3345
Weekly - R2 = 1.3225
Weekly - R1 = 1.3150
Weekly Pivot = 1.3030
Weekly - S1 = 1.2955
Weekly - S2 = 1.2835
Weekly - S3 = 1.2760
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
