EUR/INR Analysis
Morning Update: Will the EUR/INR pair fall lower below 85.00 or recover to 92.50?
As we mentioned in our previous research, the EUR/INR has fallen sharply from 92.50 to 89.00, and it now appears fragile. We will utilize charts to predict the EUR/INR's future direction.
- In recent days, the EUR/INR rate has fallen from 92.50 to 89.00.
- The pattern indicates that sellers may reduce the price to the 85.00-87.00 range in the future.
- The Relative Strength Index (RSI) shows that there is now low demand for EUR/INR.
The accompanying image will help you better understand the EUR/INR price pattern. The EUR/INR pair is now weak, having fallen from 92.50 to 89.00. Last week proved how vulnerable the euro is to the dollar's strength. The EUR/INR has been gradually decreasing due to the large supply, and we expect this trend to continue in the coming days.
The accompanying graph depicts how the EUR/INR swiftly increased from 89.00-89.50 to around 92.00-92.50. Following supply around 92.50, the EUR/INR quickly reversed and found support near 89.00-89.50. The daily charts show negative divergence, but the Relative Strength Index does not seem to anticipate much more strength. This indicates that there isn't much of a market for the pricing, therefore dealers may lower it at any time in the next few days.
Since there looks to be a chance to sell after each upswing, EUR/INR may be traded more frequently. The lowest forecasted values for the coming days are 85.00 and 87.00.
A short sell bet on EUR/INR could be profitable because the rising charts show substantial resistance around 92.00-92.50, with negative RSI divergence, and the downside is open to the 85.00-87.00 level.
Examine the EUR/INR support and resistance levels. Spot charts are used to represent each level.
|
EURINR |
Support |
Resistance |
|
Level 1 |
87.00 |
92.00 |
|
Level 2 |
85.00 |
92.50 |