Purple arrows point out to you where price has respected this level on numerous occasions, previously it has respected this level as resistance, We can see price broke this resistance and shot up, Now we can only see upside movement with this pair but price might come back down and retest this level as support before pushing higher, or price might just push higher... Either way we are in this trade and will be laughing all the way to the yacht dealership :p
So people say simple doesn't work in forex?? BULL#='T ( I will let you fill in the blanks ) Simple DOES work, infact simple is BETTER!!!
The reason these so called FOREX GURUS make there charts look complicated and use fancy words is to make you think you cant learn it because it looks too hard
I grew up on a rough council estate in England UK and didn't get any grades from school... now I'm earning 10x more than the teachers that said I would fail and end up in prison... work that 1 out!? So if I can master forex without 500 chart indicators and fancy words... Then so can you.