The pivot point is generally used by traders in banks and large institutions. As these groups of people that form a large volume of transactions, usually cause the price movement.
The pivot points are considered, higher levels of support and resistance where it is likely to see the revulsion in prices.
What it consists:
_____WEEKLY____
Weekly - R3 = 1.6465
Weekly - R2 = 1.6315
Weekly - R1 = 1.6174
Weekly Pivot = 1.6024
Weekly - S1 = 1.5883
Weekly - S2 = 1.5733
Weekly - S3 = 1.5592
One of the strategies is to seek a period of congestion, rather than a period trend. This can be found at the extreme levels of R2, R3 or S2, S3.
_____MONTHLY____
Monthly - R3 = 1.7308
Monthly - R2 = 1.6737
Monthly - R1 = 1.6412
Monthly Pivot = 1.5841
Monthly - S1 = 1.5516
Monthly - S2 = 1.4945
Monthly - S3 = 1.4620