The euro succeeded in breaking the 1.33 area and also having broken the uptrend line at 1.3330 on 4-hour charts. The strongest area to note down is 1.3133 (M_PV), although to get to it, it must overcome a level of 1.3248 which represents 61.8% of the last bullish movement and also important first weekly support. This area can provide bounce for the pair, so we recommend buying at these levels. But if the pair breaks this level and closes the day below this level, it could accelerate its fall to the area of 1.3110. On the other hand, observing the monthly chart pivots, we believe that this pair must have an important support at 1.3133 monthly pivot. Therefore, we see the following trading signals will be valid for all this week.
Signals for August 12 - 17, 2013
Buy if rebound is around 1.3248 (W_S1), take profit is at 1.3416 (W_R1), stop loss is below 1.32.
Sell below 1.3248 or if it pulls back at 1.3324 (W_PV), take profits are at 1.3156 and 1.3115 (W_S2) and stop loss is above R1.
____WEEKLY_______
Weekly - R3 = 1.3584
Weekly - R2 = 1.3492
Weekly - R1 = 1.3416
Weekly Pivot = 1.3324
Weekly - S1 = 1.3248
Weekly - S2 = 1.3156
Weekly - S3 = 1.3080
____MONTHLY____
Monthly – R3 = 1.4101
Monthly – R2 = 1.3722
Monthly – R1 = 1.3512
Monthly Pivot = 1.3133
Monthly – S1 = 1.2923
Monthly – S2 = 1.2544
Monthly – S3 = 1.2334
If you would like to get this indicator, feel free to contact me via skype: gerardofx or email: gerardo.porras@analytics.instaforex.com
