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To really understand the behavior of a currency on the Forex market it is important to see how it has behaved over a period of time. Taken over the course of a very short space of time, it is possible to make data mean just about anything. This, in turn, means that the data will be almost worthless. Over a longer period of time, however, patterns always seem to assert themselves, and establish a firm basis for predicting the future behavior of a currency price. Among the most important figures that appear in a pattern are the support and resistance points.
The point of “support” for any currency is the price level beneath which a currency never trades – effectively its market “bottom”. Whenever the price reaches this level, it almost always bounces back upwards, and for this reason many people will invest when a currency hits that point. Conversely, the “resistance” point is the traditional high point of a currency price, above which it never trades. If you are looking to cash out, this is a good reference point.
Of course, the old saying “there’s a first time for everything” exists for a reason. There will come a time when a currency breaks its support or resistance levels, and this is seen as hugely important. When a currency does this it will be expected to continue this trend, possibly for an extended period of time. It is therefore a good time to get “in” if it is rising or “out” if it is falling.

3 comments

Mike said... @ October 13, 2009 at 1:18 AM

Hi
Thank you very much for a great blog!
I am a blogger too and I have tried several affiliate programs to make some money from blogging, such as Forex Yard, E-toro, and Earn Forex.

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Maybe this could be something for you to promote on the blog or even write about in your next newsletter to your subscribers.


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Good luck!

Best Regards,

Mike

Imran Khan said... @ February 4, 2015 at 9:18 PM

Daily currency update is nice and i like your way of presenting facts, keep more news related to Forex Signals Pricing

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