Look how clean this chart is and how SIMPLE it is to understand! I really don't know why so many people insist on having 100s of indicators on charts where they cant even see what price is doing.
We can clearly see a strong support level here on the daily (125) and this is where i am looking at price hitting before more bullish moves up. Now price has already come within 10 pips of this level so could push up from here, if i see a key level like this then i will normally set an order to go live 10 pips before the level in question just in case price doesn't reach.
The level in question is strong support for the reason it has been used historically a number of times as support and resistance, recently breaking what was strong resistance so we then look for price to retest this level as support.
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