Other things to look for:
Speed of approach to S/R level
Manner of approach - any price patterns forming? eg inverse H&S
How far has it moved in the t/f to get to that level e.g is it at atr?
Space / time between last approach
How many times its touched level previously (or close to touched)?
What does PA do when it breaks level - as per murraycod - has S become R on lower t/f?
Time of day it approaches - which session? Time of year - big news events out later this month?
Any other significant levels nearby? Option expiries, order flows etc?
Any significant levels in other markets eg s&p, usd index (other major pairs)?
No doubt I have missed some stuff, and the above in isolation may not help much but when grouped together may provide a more complete picture as to how price will react when approaching key levels.
Re technical vs fundamental (news), charts are just a graphical representation of the news and if you're good at reading price action you will have a good idea which way the market is going to go regardless of news; some ppl may look for one to compliment the other for confirmation - others trade just purely using fundamental or technical. Plus its possible that you will hear the news later than some of the major mkt players. Don't think I have explained myself too well, plenty of material to look up though regarding this if you are confused.
With regards to how you shld approach it will also be influenced by your style of trading, rr etc which you have not mentioned. Eg If your scalping then you may be looking for long (bounce) and short (on way down / breakout) entries at same time on lower t/f's.
