http://prntscr.com/41jv4g
analysis for today 7 / 11 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle EURNZD on the date 7 / 10 / 2014
OPEN 1.5454
HIGH 1.5483
LOW 1.5407
CLOSED 1.5421
The third resistance (R3) 1.5483 -( 1.5437 - 1.5407 = 0.0030 x 2 = 0.0060 )= 1.5543
The second Resistance (R2) 1.5437 + 1.5483 - 1.5407 = 1.5513
First resistance (R1) 1.5437 x 2 = 3.0874 - 1.5407 = 1.5467
pivot points 1.5483 + 1.5407 + 1.5421 = 4.6311 / 3 = 1.5437
Support for the first (S1) 1.5437 x 2 = 3.0874 - 1.5483 = 1.5391
Support second (S2) 1.5437 -( 1.5483 - 1.5407 = 0.0076 ) = 1.5361
Third Support (S3) 1.5407 -( 1.5483 - 1.5437 = 0.0046 x 2 = 0.0092 )= 1.5315