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: 1.2307 weekly; 1.2342 monthly.
The euro is located above 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 1.2307 can increase the probability of a rise to 1.2578 weekly resistance (W_R2). On the other hand, a close below the weekly pivot point will initiate a decline which could continue until 1.2210 (W_S1); it is possible that at that level the pair may find a strong rebound, so we recommend buying on weekly support 1.2210 or above the weekly pivot point, (PV) with medium term targets until 1.2578(W_R2).
____WEEKLY_____
Weekly - R3 = 1.2752
Weekly - R2 = 1.2578
Weekly - R1 = 1.2481
Weekly Pivot = 1.2307
Weekly - S1 = 1.2210
Weekly - S2 = 1.2036
Weekly - S3 = 1.1939
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____MONTHLY______
Monthly - R3 = 1.3274
Monthly - R2 = 1.2977
Monthly - R1 = 1.2639
Monthly Pivot = 1.2342
Monthly - S1 = 1.2004
Monthly - S2 = 1.1707
Monthly - S3 = 1.1369
