After consistent downward trend during the last week, there is a risk of the pair heading further down towards 1.3241 level. On the other side, if there is a recovery the pair can reach 1.3412 level. In summary the outlook for the pair is bearish and there is a risk of sliding towards 1.3144 level.
Recommendation:
If you are in sell you can close your positions in between 1.3241 level and 1.3192 and the same range is suitable for buying as well.
If you are in buying then the suitable level range will be from 1.3367 to 1.3412 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.
GOLD(28TH NOVEMBER) REVIEW
Gold is currently testing the upper limit of its medium-term bearish channel in 1709 suggesting a decline. However a break of these levels would free up significant potential and initiate a new trend.
According to previous events, the market indicates a bullish opportunity as soon as the gold will have broken its resistance in 1709 with a 1st objective of 1720, then 1725. A break in 1707 would invalidate this scenario.
HAPPY TRADING!
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