The instrument is on a Bear run for the last couple of days, it clearly indicates that the Bulls are in stealth mode. As for the the instrument has sold off enough and will now have a corrective mode in near future. Following are some of its important levels.
6th Feb -
DH - 1.07989
DL - 1.07098
Pivot - 1.07450
R1 -1.07850
R2- 1.07850
R3- 1.09240
A return to 1.07500 level would indicate a mild bullish behavior.
S1- 1.06900
S2- 1.06550
S3- 1.05650
If pivot is not broken then the support levels will come into action. But a decline to 1.06550 will indicate the end of downside momentum.
If we attain the 1.07527 level and it is broken then we can have a small target at 1.0780 and a bull run to 1.08324 and 1.08340 would be highly possible.
On the other hand if it fails to break the 1.07527 level then we can see a downside move towards the support levels.
6th Feb -
DH - 1.07989
DL - 1.07098
Pivot - 1.07450
R1 -1.07850
R2- 1.07850
R3- 1.09240
A return to 1.07500 level would indicate a mild bullish behavior.
S1- 1.06900
S2- 1.06550
S3- 1.05650
If pivot is not broken then the support levels will come into action. But a decline to 1.06550 will indicate the end of downside momentum.
If we attain the 1.07527 level and it is broken then we can have a small target at 1.0780 and a bull run to 1.08324 and 1.08340 would be highly possible.
On the other hand if it fails to break the 1.07527 level then we can see a downside move towards the support levels.