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analysis for today 9 / 1 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle EURNZD on the date 8 / 29 / 2014
OPEN 1.5720
HIGH 1.5763
LOW 1.5680
CLOSED 1.5699
The third resistance (R3) 1.5763 -( 1.5714 - 1.5680 = 0.0034 x 2 = 0.0068 )= 1.5831
The second Resistance (R2) 1.5714 + 1.5763 - 1.5680 = 1.5797
First resistance (R1) 1.5714 x 2 = 3.1428 - 1.5680 = 1.5748
pivot points 1.5763 + 1.5680 + 1.5699 = 4.7142 / 3 = 1.5714
Support for the first (S1) 1.5714 x 2 = 3.1428 - 1.5763 = 1.5665
Support second (S2) 1.5714 -( 1.5763 - 1.5680 = 0.0083 ) = 1.5631
Third Support (S3) 1.5680 -( 1.5763 - 1.5714 = 0.0049 x 2 = 0.0098 )= 1.5582