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Overview:
After yesterday’s high of 1.3399, the pair could not break the resistance level of 13412, and that followed a short term downward trend to 1.3285. Today however there's been an upward push and the pair has already broken the resistance at 1.3412, and if the short term bullish trend persists the next target will be 13480/1351.If there is a downward trend again the we can see it touching 1.3266.
Recommendation:
If you are in sell you can close your positions in between 1.3322 level and 1.3282 and the same range is suitable for buying as well.
If you are in buying then the suitable level range will be from 1.3388 to 1.3436 and this range is almost same for selling as well.
Trends:
Near Term: Upward
Short Term: Downward
Medium Term: Sideways
Warning:
Analysis and technical levels are provided only for the educational and informative purposes. Please also check fundamental analysis before opening every single position. Keep yourself away from the market if market is volatile. Always try to open positions with good price level. Remember Forex is like fishing not like hunting.
Money Management Warning:
Never use more than 2 or 3% of your equity in each trade:
For Example 2% of 1000 USD is 20$ and if your stop is 50 pips then your lot size will be calculated as 20$/50 = 0.4 of insta lot which means it will be about 40 cents and similarly if your stop level is 100 pips than lot size will be calculated as follow 20$/100 = 0.2 Insta lots it will be about 20 cents.
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