Support Resistance or Supply Demand

   The technical stuff is true of course. However, all of this bullish talk along with other news brings out the contrarian nature in stock traders, suggesting that the upside for this market is limited, or a correction is might be coming. In addition, with every trading day, the evidence begins to accumulate that a pullback seems likely in the markets. If this happens traders can look to take some short positions. There are different ways of describing Support Resistance or Supply Demand in the forex market is referred to as Reactive and Proactive levels. The charts show traders Reactive levels based on price activity from price swing lows/highs, open gaps on a chart, certain candle patterns and our sacred four open high low close. All of these reflect pure price action. Stock and Forex traders need to learn how to read charts at these levels to make profitable trades.    How To Trade Forex Using Support and Resistance Levels

EUR/USD

 

At least 20 pip forecast - The key level and chart pattern were at most 5 candles apart at time of identification

	Symbol : EURUSD

Direction :  Identified time : 2020-12-14 11:01 EST Breakout price : 1.2125 Forecast price : 1.21 Forecast pips : 25 Probability : 69.66 %

Pattern : Rising Wedge Interval : 60 Min Pattern : Rising Wedge Interval : 15 Min

USD/JPY

 

USD/JPY 19-Nov-22:00 -> 11-Dec-22:00 Target Level: 103.6725

SL: (A) 103.6725 Last TP of Channel Down RL: (B) 104.5795 Last TP of Channel Down Target Period: 2 days   Interval 4 hour Pattern Channel Down Length 52 Candles Identified 11-Dec-02:00

Channel Down identified at 11-Dec-02:00. This pattern is still in the process of forming. Possible bearish price movement towards the support 103.6725 within the next 2 days. Supported by Downward sloping Moving Average

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GBP/USD

 

GBP/USD 08-Dec-23:30 -> 13-Dec-22:15 Target Level: 1.3445

SL: (A) 1.3135 Last TP of Channel Down Target Period: 3 days   Interval 15 Minutes Pattern Channel Down Length 227 Candles Identified 13-Dec-22:15

Channel Down has broken through the resistance line at 13-Dec-22:15. Possible bullish price movement forecast for the next 3 days towards 1.3445. Supported by Upward sloping Moving Average

EUR/USD

 

EUR/USD 20-Nov-14:00 -> 11-Dec-22:00 Target Level: 1.2061

SL: (A) 1.2061 Last TP of Triangle RL: (B) 1.2163 Last TP of Triangle Target Period: 3 days   Interval 4 hour Pattern Triangle Length 53 Candles Identified 11-Dec-22:00

Triangle identified at 11-Dec-22:00. This pattern is still in the process of forming. Possible bearish price movement towards the support 1.2061 within the next 3 days.

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