The pivot point (PPV) is a support/resistance level. It takes into account the largest price movement that can take place in a particular price. The pivot points are used in many ways, but generally they are used to determine the overall market trend and to identify the entry and exit levels.
Recommendations:
Considering the beginning of the week, we can say that markets are stable, apparently due to the fact that traders are expecting an economic report. The market is expected to remain between R1 and S1 daily and go back to the Pivot. Most of traders have the impression that if the weekly R2 and S2 are passed through, this can be considered as a sign of rupture, but not necessarily. It actually means that traders are losing steam and more participants are likely to be involved, but this kind of breakdown can be observed once a week and hardly can win.
Therefore, the traders should take an advantage of the situation by opening the short positions on weekly R1 or long positions on weekly S1, target the weekly Pivot, is a viable strategy to swing trading. The other way of working with this strategy is to open the long positions on weekly S2 and short positions weekly R2 with weekly targets S1 or R1.
You can copy these pivot levels for easy access, and to consider in advance the support and resistance levels level for each particular pair.
____WEEKLY_____
Weekly - R3 = 1.0152
Weekly - R2 = 1.0086
Weekly - R1 = 1.0039
Weekly Pivot = 0.9973
Weekly - S1 = 0.9926
Weekly - S2 = 0.9860
Weekly - S3 = 0.9813
____MONTHLY______
Monthly - R3 = 1.0593
Monthly - R2 = 1.0456
Monthly - R1 = 1.0240
Monthly Pivot = 1.0103
Monthly - S1 = 0.9887
Monthly - S2 = 0.9750
Monthly - S3 = 0.9534
