Weekly technical levels:
Trading recommendations:
According to previous events, the price has still been trapped between 1.3315 and 1.3280.
- Buy above 1.3140 with the first target of 1.3240, it might resume to 1.3330.
- Below 1.3340 look for further downside with 1.3235 and 1.3185 targets.
Weekly technical levels:
Date: 29/07/2013 and Pair: EUR/USD
Projected High: 1.3541
Breakout (Buy Stop): 1.3486
Strong Resistance (Sell Limit): 1.3456
Current Pivot: 1.3216 (the weekly pivot point is set at the level of 1.3237).
Strong Support (Buy Limit): 1.2976
Breakout (Sell Stop): 1.2951
Projected Low: 1.2901
General idea about the pivot point:
R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well on the sideways markets, as the prices are most likely to be located between the R1 and S1 lines. Within a strong trend the price is expected to be lower than the pivot point line and continue the movement. If the breaking news released may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.
