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One use of technical analysis, apart from technical studies, is in deriving "support" and "resistance" levels. The concept here is that the market will tend to trade above its support levels and trade below its resistance levels. If a support or resistance level is broken, the market is then expected to follow in that direction. The levels are determined by the chart and by assessing where the market has encountered unbroken support or resistance in the past.

For example if EUR/USD has established a resistance level at approximately 0.8705. In other words, EUR/USD has risen up to 0.8705 repeatedly, but has been unable to move above that point. The trading strategy would then be to sell EUR/USD the next time it gets close to 0.8705 with a stop placed just above 0.8705, say at 0.8720. It would be indeed a good trade if EUR/USD proceeds to fall sharply, without breaking the 0.8705 resistance. Hence a substantial upside can be achieved while only risking 10 or 15 pips (0.0010 or 0.0015 in EUR/USD).