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: 1.2465 weekly; 1.2342 monthly.
The euro is located above the weekly pivot point and below the Moving Average of 200 periods.
Accordingly, the pivot points signify the following.
The pair is located between the weekly pivot (W_PV) and the first weekly resistance (W_R1) and is likely to approach one of these levels in these days by the resistance of 1.2630. We recommend selling with objectives to pivot weekly. If case of further correction, it is possible to buy the weekly pivot around 1.2465 with objectives to 1.2635.
Signal For 27 - 31 August, 2012
Bearish Strategy
Sell short 1.2635, take profit at 1.2465, Stop Loss is above W_R1.
Bullish Strategy
Buy long above 1.2465, take profit 1.2635, Stop Loss is below weekly pivot of 1.2465.
____WEEKLY_____
Weekly - R3 = 1.2930
Weekly - R2 = 1.2760
Weekly - R1 = 1.2635
Weekly Pivot = 1.2465
Weekly - S1 = 1.2340
Weekly - S2 = 1.2170
Weekly - S3 = 1.2045
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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
