The pivot points of the EUR / USD for this week are traced according to the following table shown below. The weekly chart indicates the possible points or areas where the price can find the support or resistance levels. This chart will enable you to define where it is recommended to place Take Profits or Stop Loss orders. Also these pivot levels will help you to define beforehand when the pair is likely to rise or decline.
Tus, it is recommend to open the short positions at the level R1; long positions are recommended at the S1 level. In case the weekly pivot is considered as a target, it may prove to be a viable strategy for swing trading. The strategy can be used otherwise by opening the long positions at the S2 level and short positions at he level R2 with weekly targets S1 or R1 (or the pivot point).
____WEEKLY_____
Weekly - R3 = 1.3441
Weekly - R2 = 1.3365
Weekly - R1 = 1.3244
Weekly Pivot = 1.3168
Weekly - S1 = 1.3047
Weekly - S2 = 1.2971
Weekly - S3 = 1.2850
____MONTHLY______
Monthly - R3 = 1.4058
Monthly - R2 = 1.3772
Monthly - R1 = 1.3547
Monthly Pivot = 1.3261
Monthly - S1 = 1.3036
Monthly - S2 = 1.2750
Monthly - S3 = 1.2525
