That was the mainstream said.., but personally I don't agree with what commonly called as Support and Resistance levels.. . Major market players/participants looking for supply and demand areas, and never create support and resistance.
The Support and Resistance levels/areas are the monetary authorities domain, the Central Bank of the related currencies pairs. This is their main job, to keep the movement 'inside' the field. So, they should 'support' the weakness and 'resist' the strength. that not 'fit' with their global macro economic plan. and of course 'logically' they will not doing this on daily basis.. meaning they don't care about daily calculation of R1,..R4, and S1,.. S4 base on classic pivot.. lol.especially from retail brokers platform that base on different GMT time servers.. that will give you different pivot and S/R values..
I agree with uncle 100000%. For your own sake guys, learn the correct stuff. CB always give policy guidance about their economic plan. CB allow trading of their currencies within certain % bracket otherwise tier1 traders will come in to calm the market.
Support and resistance concept in the retail world is badly flawed and so many people believe in it.