Support and Resistance

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It's time for Wednesday's Support and Resistance Level Report. Here's how our in-house model tests out today.
Euro/Dollar has been trending South, and it currently stands between R1 of 1 0860 and S1 of 1 0820.
The lowest resistance line has found 8 matches. R2 is backed up by a psychological level, Bollinger Upper Band and another model, and R3 is a 150 day moving average with 2 studies. Standing at a 50 day moving average, S1 sees 8 confirmations, and Bollinger Lower Band is among the 4 studies for S2. S3 is Price Channel Indicator Lower Line with 2 matches.
The Cable has seen a drop as well, and it finds itself below R1 of 1 45 and above S1 of 1 4450.
Standing at a 4 year low, R2 sees 6 confirmations, and R1 is a psychological level with 3 models. A 20 day moving average is among the 2 matches for R3. S1 counts Bollinger Lower Band among its 4 studies. S2 is Price Channel Indicator Lower Line with 3 matches, and the lowest support line sees a single confirmation.
Dollar/Yen has inched higher and is now trading in the range limited by R1 of 118 40 and S1 of 118 10.
The lowest resistance line has found 4 matches, and R2 is backed up by a 20 day moving average, a psychological level and 2 other studies. R3 is a 100 day moving average with 2 models. S1 is a 3 month low with 4 confirmations, and S2 is supported by Price Channel Indicator Lower Line, Bollinger Lower Band and another model. S3 is a 6 month low with 2 matches.
And Dollar/Swiss Franc is on the rise, as it currently has R1 of 1 0080 and S1 of 1 0040.
R1 counts Bollinger Upper Band among its 6 studies. R2 is Price Channel Indicator Upper Line with 2 matches, and the highest resistance line sees a single confirmation. S2 is well confirmed with 12 models, including a psychological level and a 50 day moving average. The highest support line has found 7 matches, and S3 is a 100 day moving average with 3 models.
That concludes the Support and Resistance Level Report for Wednesday. Check back in tomorrow when the next report will be available. Goodbye.

Author: dukascopy
Tags: forex Pivots Fibonacci Retracements Demark Tirone Ichimoku
Posted: 27 January 2016
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Support and Resistance