The euro is testing the resistance level of 1.31. In our previous reports we showed the reasons by which the euro in the short term would remains bullish. Given that, this week there will be very relevant data for the euro. We must take into consideration the weekly pivot levels. If the pair manages to close the day above the resistance of 1.3092 it increases the probability of an upward movement to the area of 1.3225, third weekly resistance. While not miss the 1.30 level, we will continue our bullish outlook for this pair. So if in the course of the week this pair bounces back to the level of 1.30, we can buy back with goals in R2 and R3. Thus, we consider the following signal will be valid for this week.
Signals for April 29 - May 04, 2013
Buy in case of rebound is around 1.3023 (W_PPV), take profits are at 1.3092 and 1.3225 (W_R3), and stop loss is below weekly pivot (W_PPV) 1.2990.
Buy if it closes above 1.3092 (W_R1), take profit is at 1.3156 and 1.3225 (W_R3), stop loss is below 1.2990.
____WEEKLY_______
Weekly - R3 = 1.3225
Weekly - R2 = 1.3156
Weekly - R1 = 1.3092
Weekly Pivot = 1.3023
Weekly - S1 = 1.2959
Weekly - S2 = 1.2890
Weekly - S3 = 1.2826
If you would like to get this indicator, feel free to contact me via email: gerardo.porras@analytics.instaforex.com
____MONTHLY____
Monthly – R3 = 1.3434
Monthly – R2 = 1.3283
Monthly – R1 = 1.3051
Monthly Pivot = 1.2900
Monthly – S1 = 1.2668
Monthly – S2 = 1.2517
Monthly – S3 = 1.2285
