I like to call this area a "decision point" when doing my analysis because a few trading opportunities are offered at this level depending on how price reacts.
1) IF support holds THEN we have a potential buying opportunity.
2) IF support fails THEN we have a potential selling opportunity as it turns to resistance
2) IF Support holds and retraces back towards the 1.3130's level THEN we also have a potential selling opportunity
These are the type of pairs that I put at the very top of my watch list as potential opportunities are right around the corner
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