The instrument really played well yesterday and it finally rebounded back couple of 100 points. Which clearly shows the pause to the down trend. We can probably see a Range up till 1.07600 if bulls comes into play. Following are some of the levels which needs to be taken care off.
7th Feb -
DH - 1.0767
DL - 1.0669
Pivot - 1.0720
* R1 - 1.0770 , S1 - 1.0673
* R2- 1.0817 , S2 - 1.0622
* R3 - 1.0917 , S3 - 1.0525
If the instrument reaches back to 1.0750 level then we can take it as a mild bullish behavior of the pair.
* If Pivot is not broken then it may fall to S1 level and finally to S2 and then a possible downside momentum would start again.
* A move through 1.07665 would again signal a bullish behavior of the pair.
* A fall fall through Pivot would bring the pair to S1 and a sell off of 1.0650 should be avoided for a major downtrend move.
* If the pair falls though S1 THEN IT MAY BRING THE INTRUMENT TO 1.0622 AND 1.0600
* However if it moves up the pivot and stays there then we can see a rally till 1.07513 and 1.0770 with a possible target of 1.0817
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7th Feb -
DH - 1.0767
DL - 1.0669
Pivot - 1.0720
* R1 - 1.0770 , S1 - 1.0673
* R2- 1.0817 , S2 - 1.0622
* R3 - 1.0917 , S3 - 1.0525
If the instrument reaches back to 1.0750 level then we can take it as a mild bullish behavior of the pair.
* If Pivot is not broken then it may fall to S1 level and finally to S2 and then a possible downside momentum would start again.
* A move through 1.07665 would again signal a bullish behavior of the pair.
* A fall fall through Pivot would bring the pair to S1 and a sell off of 1.0650 should be avoided for a major downtrend move.
* If the pair falls though S1 THEN IT MAY BRING THE INTRUMENT TO 1.0622 AND 1.0600
* However if it moves up the pivot and stays there then we can see a rally till 1.07513 and 1.0770 with a possible target of 1.0817
If you like our Analysis then kindly follow , Like & Comment , it will encourage us to analyses more Pairs of instruments. On the other hand if you want us to review on any other Instrument please feel free to drop in a comment we shall be more than happy to do it. Thanks