EUR/INR Analysis
Morning update: Will EUR/INR fall below 85.00 or rise 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'll utilize charts to forecast the EUR/INR's future trajectory.
- 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 currently minimal demand for EUR/INR.
Please see the chart above to better understand the EUR/INR price action. Because EUR/INR has several congested locations, we picked support and resistance zones over levels. Drawing support and resistance levels on a chart would be difficult, so we simplified it. EUR/INR is absorbing supply between 90.50 and 92.59, indicating a significant supply zone. The downside is open between 89.00 and 89.50, followed by 87.00-87.50.
The accompanying image will help you understand the EUR/INR price pattern. The EUR/INR pair is currently displaying weakness, falling 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 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 at 92.50, the EUR/INR rapidly reversed, finding support between 89.00 and 89.50. The daily charts indicate negative divergence, and the Relative Strength Index does not appear to anticipate future strength. This demonstrates that there isn't much demand for the pricing, so dealers can lower it at any time over the next few days.
Because there looks to be a chance to sell following each gain, EUR/INR could be traded more frequently. The lowest predicted 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 considerable 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 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 |