The Forex chart pattern where the price touches a resistance level that was previously acting as a support level is commonly known as a "Support-turned-Resistance" pattern. This pattern occurs when a support level, which had been preventing the price from falling further, is breached and the price continues to decline. Once the price later moves up, it reaches the same level again, but this time the previous support level now acts as a resistance, preventing the price from rising further.
Support-turned-Resistance patterns are essential to understand as they often represent significant areas of potential price reversal or continuation. Traders and analysts pay close attention to these levels as they can indicate potential shifts in market sentiment and trading opportunities.
Patterns:
Refs: