EUR/INR Analysis

• 28 December, 2023 Ruchit Thakur

EUR/INR Analysis

Morning Update : EUR/INR is trading at 92 resistance level on daily chart, Will it break or reverse ?

EUR/INR is hovering around the strong resistance zone and it has a higher chance to reversal from the 92.50 zone.

• The EUR/INR bounced during the last week from the 90 to 92 zone and taking resistance around 92.50 and hovering around there.
• As per the chart we may witness a sell off as it is at strong resistance around the 92.50 zone.
• Relative Strength Index (RSI) is not suggesting any strong demand which can push EUR/INR higher from here.

The EUR/INR was largely up on wednesday and going higher. We have also seen the strength in EURO over the past week due to the Federal reserve being closer to rate cut by early next year. 

EUR/INR bounced nicely from 87 zone and went upto 92 levels in spot as mentioned in above chart. We have seen supply around the 92 zone and EUR/INR came back sharply towards the 89.50 levels and took support there around 200 DMA and bounced. EUR/INR going up since the last three weeks and now heading towards a strong resistance of 92.50 zone in spot. However, the Relative Strength Index is not suggesting any further strength as it is showing negative divergence on daily charts which suggest price is not getting demand and sellers may push price lower anytime in the coming days.

We may witness selloff in EUR/INR as price is at resistance zone and it is making double top around the 92.50 levels with RSI negative divergence as mentioned in above chart. Downside is open for 89.50 and then 87 levels in coming days.

Please check the support and resistance level of EUR/INR on daily time frame. All levels are in spot chart :