It helps to have a map and be able to see where the price is relative to previous market action. In this way, we can see how the sentiment of traders and investors at any given time, it also gives us a general idea of where the market is heading during the day. This information can help us decide which way to trade.
Pivot points, a technique developed by floor traders, help us see where the price is relative to previous market action. The pivot points can serve as a good entry point.
____WEEKLY_____
Weekly - R3 = 1.0588
Weekly - R2 = 1.0501
Weekly - R1 = 1.0354
Weekly Pivot = 1.0267
Weekly - S1 = 1.0190
Weekly - S2 = 1.0033
Weekly - S3 = 0.9886
____MONTHLY______
Monthly - R3 = 1.1026
Monthly - R2 = 1.0775
Monthly - R1 = 1.0476
Monthly Pivot = 1.0225
Monthly - S1 = 0.9926
Monthly - S2 = 0.9675
Monthly - S3 = 0.9376
