Mira FX
  • Markets
  • Education
  • Central Banks
  • Resources
    • Ebooks
    • Indicators
      • MT4 Indicators
      • MT5 Indicators
  • Brokers
    • Deposit Bonuses
    • No-Deposit
    • Demo Contest
    • Live Contest
    • Brokers News
  • Tools
  • Login
  • Forex Broker Lists
  • Deposit Bonuses
  • No-Deposit Bonuses
  • Demo Contest
  • Live Contest
  • Brokers News
Mira FX
  • Markets
  • Education
  • Central Banks
  • Resources
  • Brokers
  • Tools
  Latest
Learn to Read Forex Calendar to Ensure Successful Forex Trading August 5, 2022
Next
Prev

Support

Mira Team by Mira Team
January 17, 2021
in Forex Terms
Reading Time: 1 min read
ShareTweetShareSendShareSend

Definition – What does Support mean?

Support is a specific price level that price action in a currency pair hasn’t gone below in the historical period being used. Support acts as a technical tool for traders to identify significant moves within the time period they are trading.

The idea is that the support line supports (hold up) the price of the currency pair.

ForexTerms explains Support

For example, if a day trader looks at a 5-day chart for the EUR/USD and sees that its lows have touched 1.3300 many times but never went below, that would form the 5-day support level. A longer term trader might look at month over month support and see that the EUR/USD has hit 1.3000 several times but has never closed below that, making 1.3000 a significant support level. When support levels are breached, it can mean the start of a downward move or it can simply be a false breakout. For this reason, support alone is not enough of an indicator to make informed trades.

ⓘ Mira FX is not liable for any damage or loss, including but not limited to, any loss of investment, which may be based either directly orindirectly on the use of or reliance on such information. Before deciding whether or not to take part in foreign exchange or financial markets or any other type of financial instrument, please carefully consider your investment objectives, level of experience and risk appetite.

Related Posts

Past of Forex Market – Bretton Woods Agreement

Past of Forex Market – Bretton Woods Agreement

Mira Team - August 10 | Basic
Forex Calendar for Fundamental Analysis

Learn to Read Forex Calendar to Ensure Successful Forex Trading

Mira Team - Aug 5 | Fundamentals
USDJPY

Introduction The USD/JPY Pair

JOSHUA - Feb 23 | Fundamental
Triple Top Chart Pattern

Triple Top Chart Pattern

MIRA TEAM - Feb 16 | TECHNICAL
Modifying Symbols in Metatrader 4

6 Steps to Modifying Symbols in Metatrader 4

David G - Feb 17 | Beginner
Bear Flag Forex Chart Pattern

Bear Flag Forex Chart Pattern

MIRA TEAM - Feb 4 | TECHNICAL

Recent Posts

  • Learn to Read Forex Calendar to Ensure Successful Forex Trading
  • Method of Money Management
  • How to choose the best time for daily Forex Trading
  • Forex Scams: Warning Signs and How to Handle Them
  • The Importance of Having a Trading Plan in Forex
  • Forex Trading Plan Essentials, and a Few Open Secrets
  • 4 Parts of a Complete Online Currency Trading Journal
  • Financing Forex Investments – as easy as 1 2 3
  • Canada GDP Industry, May 2022
  • Chinese PMIs And Potential Signs Of Recover
  • GBP/JPY Drops Sharply Erasing Recent Advance
  • U.S. Gross Domestic Product Q2 2022
  • AUD/USD surges above the downtrend line, testing 0.7000
  • Swiss Franc Appreciates 2% in two-week
  • Global Economic Growth Slows Amid Gloomy
  • EUR/JPY retreats below 50-SMA but retains bullish outlook
  • RBNZ: Hints at Slowing Growth
  • Central Banks Keep Raising Rates
  • CAD/JPY Wave Analysis – 26 July, 2022
  • Stagflation ahead? Understanding the drivers and economic impacts of higher inflation




  • About
  • Advertising
  • Disclaimer
  • Contact
  • Privacy Policy
  • Terms & Conditions
{CODE 08KOK1922 }
Risk Warning: All information on this website, including any opinions, articles, charts, prices, news, data, Buy/Sell signals, reviews, research and analysis is provided as general market commentary and does not constitute any investment advice. Mira FX is not liable for any damage or loss, including but not limited to, any loss of investment, which may be based either directly orindirectly on the use of or reliance on such information. Before deciding whether or not to take part in foreign exchange or financial markets or any other type of financial instrument, please carefully consider your investment objectives, level of experience and risk appetite. Do not invest more money than you can afford to lose. Note that the high level of leverage in forex trading may work against you as well as for you. Please seek advice of an independent financial advisor if you are not fully aware about the risks associated with foreign exchange trading. Forex trading on margin involves considerable exposure to high risk, and may not be suitable for all investors. Mira FX does not endorse any companies, products or services which are represented on Mira-FX.com The information on this website is subject to change without notice.
No Result
View All Result
  • About
  • Advertising
  • Disclaimer
  • Contact
  • Privacy Policy
  • Terms & Conditions

© 2022 Mira FX | Copying of materials is allowed only with the presence of an active link to a source page.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In