Once support, now resistance - Forex News by FX Leaders

Once support, now resistance

Posted Monday, April 18, 2016 by
Skerdian Meta • 1 min read

After more than two weeks of consolidating between 1.1320-30 and 1.1450, EUR/USD finally broke the range to the downside. The 1.1330 support was broken and it has now turned into resistance. Actually, resistance now is the range from 1.1300 to 1.1330 because when this area was support in the past two weeks the support stretched in a 30 pip range from 1.1320 to 1.1350. As we can see from the chart below the price has made several attempts to break the support-turned-resistance in the last several days but without success. That´s why we have decided to use this level as a selling point.

The support range has now turned into resistance

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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