The euro grows, because the index of industrial production in Germany rose 0.5%, slightly more than expected, the market is giving new strength to the euro, which could even find the area of 1.31 weekly resistance level. If you remember a few days ago the euro left a gap at 1.3174, now it is likely to cover the gap left few days ago, but it has a very strong resistance at 1.3105, which would lead it down to 1.2924 weekly pivot point. Therefore, we recommend caution when operating this pair since it is likely that the upward movement that began last week has its objective at the level of 1.3250, so in the chart below we have outlined the possible movements of the euro for this week.
Signals for April 08 - 13, 2013
Sell in case of pullback is at 1.3104, take profit is at 1.2924, and stop loss is above 1.3150.
Buy in case of rebound is around 1.2924 (W_PPV), take profits are at 1.3104 and 1.3218, and stop loss is below first weekly support (W_S1) at 1.2810.
____WEEKLY_______
Weekly - R3 = 1.3398
Weekly - R2 = 1.3218
Weekly - R1 = 1.3104
Weekly Pivot = 1.2924
Weekly - S1 = 1.2810
Weekly - S2 = 1.2630
Weekly - S3 = 1.2516
If you would like to get this indicator, feel free to contact me via email: gerardo.porras@analytics.instaforex.com
____MONTHLY____
Monthly – R3 = 1.3434
Monthly – R2 = 1.3283
Monthly – R1 = 1.3051
Monthly Pivot = 1.2900
Monthly – S1 = 1.2668
Monthly – S2 = 1.2517
Monthly – S3 = 1.2285