Overview:
After going down to 1.3211 level, the pair is getting correction and is therefore is on its way up. There is a risk of moving towards 1.3613. Once this level is reached the next target will be 1.3866, its Nov 04 2011 high will be targeted. If both levels are breached the pair might rise even further. In summary, although there is till a short term downside trend, the correction might take the pair upwards.
Recommendation:
If you are in sell you can close your positions in between 1.3398 level and 1.3350 and the same range is suitable for buying as well.
If you are in buying then the suitable level range will be from 1.3543 to 1.3613 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.
