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 help to determine the overall market trend and to define the levels of entry and exit.
Recommendations:
If we look at the beginning of the week, we will see that markets are undisturbed. This fact can result from the release of economic report that is expected to be published. Therefore we should expect the market is maintained between R1 and S1 daily, and the market find its way back to the Pivot. Most traders assume that if the weekly R2 and S2 are passed through, this can indicate a rupture, but usually it is not so. It means that traders are losing steam and probably more participants are involved, but we can see this kind of breakdown once a week with insignificant chances for success.
Therefore, the traders should use this opportunity and open the short positions on weekly S1 and target the weekly Pivot. This strategy is viable for swing trading. The other way of profit from strategy is to open the long positions on weekly S2 and short positions weekly R2 with weekly targets S1 or R1.
It is possible to copy these pivot levels for easy access in order to get in advance the support and resistance levels level for each particular pair.
_____WEEKLY____
Weekly - R3 = 1.6224
Weekly - R2 = 1.6063
Weekly - R1 = 1.5968
Weekly Pivot = 1.5807
Weekly - S1 = 1.5712
Weekly - S2 = 1.5551
Weekly - S3 = 1.5456
_____MONTHLY____
Monthly - R3 = 1.6520
Monthly - R2 = 1.6157
Monthly - R1 = 1.5958
Monthly Pivot = 1.5595
Monthly - S1 = 1.5393
Monthly - S2 = 1.5033
Monthly - S3 = 1.4834
