Update on supports and resistances. ( 28/02/2012 11:23 )
Pivot: 1.3375
Our preference: Long positions above 1.3375 with targets @ 1.3485 & 1.353 in extension.
Alternative scenario: Below 1.3375 look for further downside with 1.334 & 1.3295 as targets.
Comment: the pair remains on the upside and is approaching its previous high as the RSI is well directed.
Key levels
1.355
1.353
1.3485
1.34396 last
1.3375
1.334
1.3295
TIPS:
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Even with the same trading system 2 forex traders can get opposite results in the long run. The difference will be again in money management approach. To introduce you to money management, let's get one fact: losing 50% of total account requires making 100% return from the rest of money just to restore the original balance.
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