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29.07.2012 10:14 AM
EUR/USD: Weekly Technical Levels for July 30 -- August 3, 2012

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Weekly Technical Levels:

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Tip (s):

 

  • R3 and S3 are considered as clear indicators of the maximum range of extreme volatility, though it is possible to pass them through.
  • Pivot lines work well on the sideways markets, as the prices are most likely to be located between the R1 and S1 lines.
  • Within a strong trend the price is expected to be lower than the pivot point line and continue the movement.
  • In case of the breaking news release that may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 & R3 or S2 & S3.


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Observation (s):

  • If the trend is of upside character, then the strength of the currency will be defined as following: EUR is an uptrend and USD is a downtrend.
  • Most of the traders use the Fibonacci retracement to determine accurately the psychological support and resistance levels.

 

If you have any questions or requests, please feel free to contact me: [email protected].

Summary
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Analytic
Mourad El Keddani
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