How to Identify Support and Resistance Points

On a price chart, support is a price level that holds or prevents the price from falling further when there is a downward trend in the price of an asset. When the asset price touches the support level, it is expected that the asset price will rise again and not fall further. As opposed to support, resistance is a price level that holds the price of an asset from going higher. When the price trend is continuing to climb, at some point the price of the asset will stop at one point, and this is called resistance.

Knowing the support price points is important in forex trading. Analysis of key levels or market confluence levels is used to setup price action in taking positions. These price points are vital in their use because the continuation of a trend is likely to revert to its direction because the continuation of a trend is likely to revert to its direction due to the repetitive nature of the market.

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