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 forecast the EUR/INR future path.
- In recent days, the EUR/INR rate has dropped from 92.50 to 89.00.
- The tendency suggests that sellers may lower the price to between 85.00 and 87.00 in the future.
- The Relative Strength Index (RSI) indicates that there is now low demand for EUR/INR.
Please refer to the chart above to better understand the EUR/INR price action. Because EUR/INR has multiple congested areas, we chose support and resistance zones rather than levels. Drawing support and resistance levels on a chart would be complicated, so we simplified it. EUR/INR is absorbing supply in the 90.50 to 92.59 range, indicating a large supply zone. The downside is open between 89.00 and 89.50, followed by the 87.00-87.50 range.
The accompanying picture will help you better comprehend the EUR/INR price pattern. The EUR/INR pair is currently showing weakness, having gone from 92.50 to 89.00. In our last analysis, we shown 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, finding support between 89.00 and 89.50. The daily charts show negative divergence, and the Relative Strength Index does not appear to predict any future strength. This demonstrates that there isn't much of a market for the pricing, so dealers can drop it at any time over the next few days.
Because there appears to be an opportunity to sell after each rise, EUR/INR may be traded more frequently. The lowest expected values for the next four days are 85.00 and 87.00.
A short sell bet on EUR/INR could be profitable because the rising charts show substantial resistance at 90.50-92.50, along 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 |