Alright, here is a new day and a new week. So, which are the levels that we must watch in order to plan our forex strategies and limit our risk? After all, all forex strategies based on whatever indicators should include some support and resistance levels where the chances of a bounce increase.
Here are the support and resistance levels for the first two pairs with more coming up shortly. 1.1140 is where the 100 smooth moving average stands in the H1 forex chart in EUR/USD. It has provided strong resistance on Thursday and it has done so overnight, that´s why we opened a sell forex signal there a while ago. The first line of support comes at 1.11 where the simple moving average stands on the same timeframe forex chart and below there comes 1.1050 which is a long term support level.
How about GBP/USD? Last Friday´s high at 1.3340-50 is bound to provide some sort of resistance so that´s a level we must watch, because if it´s broken then some sellers might get scared and close their positions which will take this forex pair to 1.35. Support comes at 1.3240s which is last Friday´s low then the bottom from Thursday at 1.32. Stay tuned for more support and resistance levels.