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Resistance and support levels are important for technical analysis in Forex trading. The pivot point calculator helps traders determine these levels, take profits from previously opened trading positions in time, as well as increase efficiency and profitability for new deals.
There are several methods for determining pivot points. As a rule, technical analysts operate with ranges with several levels of resistance or support. Since not only speculators and traders are represented on the Forex market, but also real trading accounts (exporters and importers) who need to convert a particular currency to another in a limited period, there are so-called intraday technical levels.
In addition, longer-term charts (week, month) have target levels that met earlier and reversed the trend due to the strong inflow of long or short positions. Technical indicators help determine the depth of a possible pullback and the levels of overbought or oversold prices. During strong market volatility caused, for example, by important economic or geopolitical events, the value of an asset can carry out the so-called break out of the target level, which usually leads to testing the next support or resistance. The pivot point calculators takes into account all possible scenarios, allowing traders to develop the most profitable trading plan for the day.
The easiest way to determine intraday target levels is through graphical analysis. The previous daily trading session has maximum and minimum quotes, and they will also act as potential resistance or support the next day. Traders should pay attention to the most liquid trading sessions - the London and the opening of the New York session - when the most significant events on the market occur that affect the fluctuation of quotations.
Long-term trends are also important for determining pivot points. For example, if in the current year the price of an asset approached a certain level several times, but could not overcome it, a so-called rebound from this level is likely.
Technical indicators indicate current market sentiment (bearish or bullish trend), the level of volatility, the state of overbought or oversold (a large deviation from the moving average), as well as the momentum or momentum of the market. The most popular indicators are Bollinger Bands, Relative Strength Index (RSI), MACD, Stochastic RSI, etc.
During strong trends, when the price moves in one direction for a long time, corrections are needed - movement in the opposite direction. Indicators such as Ichimoku Cloud and Fibonacci Retracement Levels will help determine the depth of such pullbacks. Long-term simple and exponential moving averages are also useful for predicting reversal levels in counter-trend pullbacks.
The list of possible intraday pivot points for the EUR / USD currency pair is as follows:
Where R is resistance, CP is current price, S is support.