EUR/INR Analysis
Morning Update: Will the EUR/INR pair fall further below 85.00 or recover to 92.50 ?
The EUR/INR has fallen rapidly from 92.50 to 89.50, as we noted in our previous research, and it now appears vulnerable. We will use charts to anticipate the EUR/INR's future direction.
- In recent days, the EUR/INR has declined from 92.50 to 89.50.
- The pattern suggests that sellers may lower the price to the 85.00-87.00 range in the future.
- The Relative Strength Index (RSI) indicates that there is now little demand for EUR/INR.
The accompanying chart will help you better comprehend the EUR/INR pricing pattern. The EUR/INR pair is now weak, having dropped from 92.50 to 89.50. This month demonstrated how vulnerable the euro is to dollar strength. The EUR/INR has been slowly declining due to the big supply, and we expect this trend to continue in the coming days.
The accompanying chart shows how the EUR/INR rapidly climbed from 89.00-89.50 to approximately 92.00-92.50. Following supply around 92.50, the EUR/INR swiftly reversed to find support near 89.50. The daily charts suggest negative divergence, but the Relative Strength Index does not appear to predict much additional strength. This suggests that there isn't much of a market for the price, therefore dealers may drop it at any time in the following several days.
Please see the chart below, where the RSI for the EUR/INR pair shows negative divergence. We'll delve into further detail now.
Please see the chart above, which shows that the EUR/INR price gained somewhat while 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 appears to be an opportunity to sell following every uptick, EUR/INR may be traded more frequently. The lowest predicted readings in the coming days are 85.00 and 87.00.
A short sell bet on EUR/INR could be successful because the ascending charts show major resistance around the 92.00-92.50 region with negative RSI divergence, with the downside open to the 85.00-87.00 range.
Examine EUR/INR's support and resistance levels. Spot charts are used to depict each stage.
|
EURINR |
Support |
Resistance |
|
Level 1 |
87.00 |
92.00 |
|
Level 2 |
85.00 |
92.50 |