EUR/INR Analysis
Morning update: Will the EUR/INR pair fall below 85.00 or recover to 92.50 ?
As we mentioned in our previous research, the EUR/INR has dropped rapidly from 92.50 to 89.00, and it now appears vulnerable. We'll use charts to anticipate the EUR/INR's future path.
- In recent days, the EUR/INR rate has dropped from 92.50 to 89.00.
- The pattern suggests that sellers may drop the price to between 85.00 and 87.00 in the future.
- The Relative Strength Index (RSI) indicates that there is currently minimal demand for EUR/INR.
The accompanying picture will help you comprehend the EUR/INR price pattern. The EUR/INR pair is now weak, having dropped from 92.50 to 89.00. Last week demonstrated how vulnerable the euro is to the dollar's strength. The EUR/INR has been progressively declining due to the big supply, and we expect this trend to continue in the coming days.
The accompanying graph shows how the EUR/INR rapidly climbed from 89.00-89.50 to approximately 92.00-92.50. Following supply at 92.50, the EUR/INR quickly reversed and found support between 89.00 and 89.50. The daily charts show negative divergence, but the Relative Strength Index does not appear to indicate much additional strength. This shows that there isn't much of a market for the pricing, so dealers could drop it at any time in the coming days.
Since there appears to be an opportunity to sell following each rally, EUR/INR may be traded more frequently. The low expected values for the coming days are 85.00 and 87.00.
A short sell bet on EUR/INR could be successful because the rising charts show significant resistance at 92.00-92.50, with bearish RSI divergence, and the downside is open to 85.00-87.00.
Examine the 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 |