Overview:
After the brief gains of Tuesday, the pair has started to decline and is expected towards 1.3240/1.3193. Once this level is reached, next target will be 1.3145. On the recovery side however, it can touch the 1.3361 and 1.3481 levels. In summary, with medium term bearish outlook still intact the pair is expected to weaken further.
Recommendation:
If you are in sell you can close your positions in between 1.3240 level and 1.3193 and the same range is suitable for buying as well.
If you are in buying then the suitable level range will be from 1.3361 to 1.3397 and this range is almost same for selling as well.
Trends:
Near Term: Downward
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