EUR/USD Weekly Analysis for July 30 - 03 August, 2012 (Weekly Strategy)

 

 


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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Performed by Герардо Поррас Паломин, Analytical expert
InstaForex Companies Group © 2007-2011

Gerardo Narciso Porras Palomino
Gerardo Narciso Porras Palomino
Gerardo was born on August 30, 1980 in Huancayo, Peru. Since 1999 he has been studying Maintenance Mechanics specializing in fluids engineering (SENATI). In 2005 he entered the foreign exchange market and started dealing with investments and studying technical analysis. Since 2007 he has been engaged in Forex activities. He has taken the advanced course of Forex trading (UdeForex) at University of Forex and acquired the following qualification: Operator and Analyst in the foreign exchange market. He carries out many other studies, they are the Waves of Elliot, the famous theory of Fibonacci, etc. Now he seeks to operate his own money on the market to carry out technical and fundamental analysis and also to instruct beginners helping them to gain consistency in trading.
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