• Harmonic pattern formed –Bearish Cypher Pattern
   
• Potential Reversal Zone (PRZ)- 11892
   
• The index has formed Bearish Cypher pattern in the hourly chart and any trend reversal can be seen only above 11892.
   
• DAX continuous winning streak has come to end after jumping till 11848. The index declined till 11723 and mildly recovered from that level. It is currently trading around 11736.
   
• The index downside capped by 23.6% fibo level and any break below will drag the index down till 11610 (61.8% retracement of 11463 and 11848)/11463 in the short term.
   
• On the higher side ,11892 (Jan 26th high) will be acting as major resistance and any break above will take the pair to next level till 12000/12155 (161.8% retracement of 11892 and 11463).
  
  It is good to sell on rallies around 11770-11800 with SL around 11900 for the TP of 11460