Support and Resistance Levels in forex

Support and resistance levels are crucial concepts in Forex trading used to identify key price levels where a currency pair tends to experience reversals or pauses in its trend. Support refers to a price level where the currency pair historically finds buying interest, preventing further price declines. Traders often see this level as a potential area to enter long positions. Conversely, resistance denotes a price level where the currency pair historically faces selling pressure, limiting further upward movement. Traders often consider this level for potential short positions. These levels are determined based on historical price data, and when broken, they can act as significant confirmation points for trend changes, offering valuable insights for traders' decision-making process