The Pivot Point (PPV) is used as support and resistance at the same time; it is the first level that we observe. For this week the pivot points (weekly and monthly) for EUR/USD are: 1.2251 weekly; 1.2564 monthly.
The euro is located near the weekly pivot point and bellow the Moving Average of 200 periods.
Accordingly, the pivot points signify the following:
A daily close above the pivot point of 1.2245 can increase the probability of a rise to 1.2455 weekly resistance. On the other hand, a close below the weekly pivot point will give rise to new low price of par, which could carry until 1.2140; it is possible that at that level the pair may find a strong rebound, so we recommend buying on weekly support 1.2145 or above the weekly pivot point, with targets medium term until 1.2445.
____WEEKLY_____
Weekly - R3 = 1.2803
Weekly - R2 = 1.2596
Weekly - R1 = 1.2458
Weekly Pivot = 1.2251
Weekly - S1 = 1.2113
Weekly - S2 = 1.1906
Weekly - S3 = 1.1768
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