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:
Proceeding from the beginning of the week, we can mention that markets are stable, probably ahead economic report release. Therefore, the market is expected to remain between R1 and S1 daily and go back to the Pivot. Most of traders believe that if the weekly R2 and S2 are passed through, this can indicate a rupture, but not necessarily. Actually it means that traders are losing the steam and more participants are likely to be involved. Moreover, but this kind of breakdown can be observed once a week with little chance to win.
Therefore, the traders should use their opportunity by opening the short positions on weekly R1 or long positions on weekly S1, target the weekly Pivot. This strategy can be considered as viable strategy for swing trading. The other way of using 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 = 1.1026
Weekly - R2 = 1.0920
Weekly - R1 = 1.0808
Weekly Pivot = 1.0702
Weekly - S1 = 1.0590
Weekly - S2 = 1.0484
Weekly - S3 = 1.0372
_____MONTHLY____
Monthly - R3 = 1.1364
Monthly - R2 = 1.1026
Monthly - R1 = 1.0822
Monthly Pivot = 1.0484
Monthly - S1 = 1.0280
Monthly - S2 = 0.9942
Monthly - S3 = 0.9738
