EUR/INR Analysis and Path Ahead
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 fallen sharply from 92.50 to 89.00, and it now appears fragile. We will utilize charts to forecast the EUR/INR future direction.
- In recent days, the EUR/INR rate has fallen from 92.50 to 89.00.
- The trend indicates that sellers may reduce the price to between 85.00 and 87.00 in the future.
- The Relative Strength Index (RSI) shows that there is now little demand for EUR/INR.
Please refer to the chart above to better understand the EUR/INR price action. Because EUR/INR has several congestion points, we used support and resistance zones rather than levels. Drawing support and resistance levels on a chart would be rather complex, so we simplified it. EUR/INR is taking supply in the 90.50 to 92.50 range, which is a large supply zone for EUR/INR. The downside is open from 89.00 to 89.50, followed by the 87.00-87.50 zone.
The accompanying chart will help you to understand the EUR/INR price pattern. The EUR/INR pair is currently looking weak, having fallen from 92.50 to 89.00. In our last analysis, we showed 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 90.50-92.50. Following supply at 92.50, the EUR/INR swiftly reversed to find support between 89.00 and 89.50. The daily charts show negative divergence, and the Relative Strength Index does not appear to predict any more strength. This demonstrates that there isn't much of a market for the pricing, therefore dealers may lower it at any time in the next few days.
Because there looks to be a chance to sell after each gain, EUR/INR could be traded more regularly. The lowest predicted readings for the next few days are 85.00 and 87.00.
A short sell bet on EUR/INR may be profitable because the rising charts show major resistance at 90.50-92.50, with bearish RSI divergence, and the downside is open to 85.00-87.00.
Examine the EUR/INR support and resistance levels. Spot charts are used to represent each level.
|
EURINR |
Support |
Resistance |
|
Level 1 |
87.00 |
90.50 |
|
Level 2 |
85.00 |
92.50 |