http://prntscr.com/42hlsa
analysis for today 7 / 14 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle EURGBP on the date 7 / 11 / 2014
OPEN 0.7942
HIGH 0.7956
LOW 0.7936
CLOSED 0.7950
The third resistance (R3) 0.7956 -( 0.7947 - 0.7936 = 0.0011 x 2 = 0.0023 )= 0.7979
The second Resistance (R2) 0.7947 + 0.7956 - 0.7936 = 0.7967
First resistance (R1) 0.7947 x 2 = 1.5895 - 0.7936 = 0.7959
pivot points 0.7956 + 0.7936 + 0.7950 = 2.3842 / 3 = 0.7947
Support for the first (S1) 0.7947 x 2 = 1.5895 - 0.7956 = 0.7939
Support second (S2) 0.7947 -( 0.7956 - 0.7936 = 0.0020 ) = 0.7927
Third Support (S3) 0.7936 -( 0.7956 - 0.7947 = 0.0009 x 2 = 0.0017 )= 0.7919