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Thomas Long, Course Instructor

A pullback down to support when the market is in an uptrend is a classic buying opportunity. We want to be patient here in identifying our entry, but there are two price points we need to be aware of. Support is at the .9120 level which means a move down through that level would negate our bullish bias, and resistance is at the .9522 buy side high. A move up through that high would be confirmation that the uptrend is intact and for some traders, would be a buying opportunity. We are seeing countertrend moves on the currency pairs we are following, so we want to be prepared for a possible entry here in the near future.


DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.