Overview:
As I mentioned in the previous article that there was a short term upward trend for the pair and if it breaks the 1.3613 level it will go further up. However the 1.3613 level could not be broken and the pair only touched level of 1.3549 and came down to my previous levels at 1.3398/1.3350. This indicates that the pair is preparing to touch the 1.3275 level. If we look at the upper side then 1.3516 level has been held but if it goes down then targets will be 1.3275 and 1.3174.
Recommendation:
If you are in sell you can close your positions in between 1.3275 level and 1.3238 and the same range is suitable for buying as well.
If you are in buying then the suitable level range will be from 1.3459 to 1.3504 and this range is almost same for selling as well.
Trends:
Near Term: Downward
Short Term: Sideways
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.
