Weekly Technical Levels:
Tip (s):
• R3 and S3 are regarded as clear indicators of the maximum range of extreme volatility, though it is possible to pass them through.
• Pivot lines work well on the sideways markets, as the prices are most likely to be located between the R1 and S1 lines.
• Within a strong trend the price is expected to be lower than the pivot point line and will continue the movement.
• In case of the breaking news release which may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 & R3 or S2 & S3.
Observation (s):
- If the trend is of upside character, then the strength of the currency will be defined as following: GBP is an uptrend and USD is a downtrend.
- Most of the traders use the Fibonacci retracement to determine accurately the psychological support and resistance levels.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
