Price on the daily chart of the EURSGD has broken lower and closed below the Big Round Number (BRN) of 1.7200 with price now forming an inside bar. After breaking lower with a large bearish candle, price retraced back into the BRN and old support/new resistance and formed this inside bar that is shown on the daily chart below. Price is now stuck in between two levels and hence why price has now formed this inside bar because above there is the resistance that price has just broken out of and below there is a very close near term support level.
If price can consolidate and breakout lower of this inside bar inline with the recent breakout, the next major support comes in around the Very Big Round Number (VBRN) of 1.7000 which has been respected many times. These Very Big Round Numbers that come around every 1,000 pips can act as major psychological levels for price to move between and as the chart below shows; this particular VBRN has been a key support and resistance level in the past for traders to watch out for price action.
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