EUR/USD – Weekly and Monthly Pivot Points and Signals, For December 10 – 15, 2012
The euro fell last week to the weekly support level 1.2902. Now this is the key level to keep in mind, because it has offered a bounce at this level. It is likely to be a bullish movement to the level of 1.2972, weekly pivot level. If it is broken then the resistance level is at 1.3070. Our scenario for this week is bearish, so we sell at the daily resistance of the pair.
This month the euro will remain somewhat tight at levels ranging between 1.29 and 1.3150, monthly resistance. Therefore, we consider that the following signal will have validity for all this week.
Signals for December 10 – 15, 2012
Sell if it pulls back to 1.2972 (W_PV) take profit at 1.2826, and stop loss is above weekly resistance (W_R2) at 1.3219
Sell if it pulls back around weekly resistance of 1.3070 (W_R1) take profit at 1.2823 (W_S1), and stop loss is above (W_R2) at 1.3219.
Weekly – R3 = 1.3317
Weekly – R2 = 1.3219
Weekly – R1 = 1.3070
Weekly Pivot = 1.2972
Weekly – S1 = 1.2823
Weekly – S2 = 1.2725
Weekly – S3 = 1.2576
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Monthly – R3 = 1.3490
Monthly – R2 = 1.3258
Monthly – R1 = 1.3123
Monthly Pivot = 1.2891
Monthly – S1 = 1.2756
Monthly – S2 = 1.2524
Monthly – S3 = 1.2389
The material has been provided by Instaforex Company – instaforex.com