The pivot points of the EUR /USD for this week are traced according to the following table shown below. The weekly chart offers possible points or areas of support or resitance levels. This chart will help you to place the prospect Take profits or Stop losses. These pivot levels are considered as a trading map, so you will know beforehand about the possible increases and declines of the pair.
Therefore it is recommended to open the short positions at the level R1 and long positions at the level S1. If the weekly pivot is considered as a target, it may be considered as a viable strategy for swing trading. The other way of working with this strategy is to open long positions in S2 positions, and short R2 weekly with S1 or R1 seen as weekly targets or to the pivot point.
____WEEKLY_____
Weekly - R3 = 1.3429
Weekly - R2 = 1.3309
Weekly - R1 = 1.3242
Weekly Pivot = 1.3122
Weekly - S1 = 1.3055
Weekly - S2 = 1.2935
Weekly - S3 = 1.2868
____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
