Demand at the support level is seen as strong enough to prevent price from falling further. Once this level is broken, price is once again free to new lows. Prices will often rally from levels of support.

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

support level chart pattern

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