Exercise 4 – Support & Resistance

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  • October 8, 2017 at 11:11 am #2226
    Stephen Morris
    Participant

    EURGBP Support Line

    This looks quite a strong support level to my newbie eyes.  On 14th July there is a good overlap on two daily candles at the bottom of a down trend (with prior visits to a similar level during the prior month or so.  The market has revisited this level in September and reversed off the same level very strongly thereby confirming the support level.

    Additionally there is a resistance level on 25th August which has not been retested since

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    October 9, 2017 at 7:46 pm #2228
    Rob HouseRob House
    Participant

    I believe your correct in your analysis, just the support line needs to be slightly higher as I’ve shown on the chart with the arrow.  The most volume would in the middle of the candle stick.

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