EUR/INR Analysis
Morning Update: Will the EUR/INR pair keep falling below 85.00 or bounce back to 92.50 ?
The EUR/INR has dropped sharply from 92.50 to 89.50, as we noted in our earlier analysis, and it now seems vulnerable. To predict the future direction of the EUR/INR, we will examine charts.
- In recent days, the EUR/INR dropped from 92.50 to 89.50.
- The trend indicates that sellers might push the price down to the 85.00–87.00 range in the future.
- There isn't much demand for EUR/INR right now, according to the Relative Strength Index (RSI).
To have a better understanding of the EUR/INR pricing pattern, please refer to the accompanying image. The EUR/INR pair is now weak, having fallen from 92.50 to 89.50. This week has shown how susceptible the euro is to dollar strength. The EUR/INR has been falling steadily due to the large supply, and we anticipate that this trend will continue in the days to come.
The graph that goes with it shows how the EUR/INR quickly increased from 89.00–89.50 to roughly 92.00–92.50. The EUR/INR immediately reversed to find support close to 89.50 after supply was observed at 92.50. The daily charts show negative divergence, but the Relative Strength Index doesn't seem to be expecting much further strength. This implies that there isn't much of a market for the price, so dealers might lower it at any point in the next few days.
Please refer to the chart below, where the RSI for the EUR/INR pair exhibits negative divergence. We'll get right into further detail now.
Please refer to the chart above, which illustrates that even if the price of the EUR/INR increased somewhat, the RSI made lower lows, indicating a bearish divergence.
An RSI divergence occurs when the price moves against the RSI. In other words, a shift in momentum may appear on a chart before a corresponding shift in price. A bearish divergence occurs when the RSI reading becomes overbought and is followed by a lower high that coincides with higher highs in the price.
Since there seems to be a chance to sell after every rise, EUR/INR might be traded more frequently. 85.00 and 87.00 are the lowest values expected in the upcoming days.
A short sell bet on EUR/INR could be profitable because the ascending charts indicate significant resistance in the 92.00-92.50 region with negative RSI divergence, and the downside is open for the 85.00-87.00 range.
Examine the support and resistance levels for EUR/INR. Spot charts are used to represent each level.
|
EURINR |
Support |
Resistance |
|
Level 1 |
87.00 |
92.00 |
|
Level 2 |
85.00 |
92.50 |