The resistance level in a chart represents the overbought condition of a currency. Selling is seen as strong enough to prevent the price from rising further. Once this level is broken, price is once again free to more to new highs.

Identifying the resistance (and support) level is important in forecasting the price movement of currency pairs. If the price bounces off resistance, the price is ready to move down again. If price breaks through the resistance line (a breakout), buyers are taking control and moving the prices to new highs.

resistance level chart pattern

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