EUR/USD - Weekly and Monthly Pivot Points for July 16 - 20, 2012

The pivot point 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: 1.2248 weekly; 1.2564 monthly. The euro is located near the pivot weekly and bellow the Moving Average of 200 periods. Therefore, the pivot points indicate the following: 1) If the price set by the pivot point is broken in an upward motion, the market is bullish and, conversely, if the pivot point is broken in a downward motion, the market is bearish. 2) They can provide points of market entry and exit or can be removed which is useful for trading strategy. For example, a sell limit order can be placed on a level support for open if this support is broken and the stop loss can be placed for this order in one of the Resistances. Signal For 16 - 20 July Buy long 1.2170 with Take Profit at 1.2410 and with the Stop Loss at 1.2100 or Buy above 1.2250 with Take Profit at 1.1.2410. ____WEEKLY_____ Weekly - R3 = 1.2504 Weekly - R2 = 1.2419 Weekly - R1 = 1.2333 Weekly Pivot = 1.2248 Weekly - S1 = 1.2162 Weekly - S2 = 1.2077 Weekly - S3 = 1.1991 Show full picture ____MONTHLY______ Monthly - R3 = 1.3301 Monthly - R2 = 1.3023 Monthly - R1 = 1.2842 Monthly Pivot = 1.2564 Monthly - S1 = 1.2383 Monthly - S2 = 1.2105 Monthly - S3 = 1.1924 Show full picture