With Long Downtrend in the USDINR and the Forex Market EURINR has fallen down to its support zone of 76.50-77 range. One can buy with the target of 77.90-78 with the SL of 76.45
Considering that USDINR will be positive and EURUSD will be stable or vice-versa.
EURINR is probably in a complex corrective structure and looking at the pattern,there is a high probability of an Up move to happen somewhere from these levels taking the pair back to 80 levels. It could straight away breakout and move or make a lower low on the 1 hour before the move. The risk reward too seems to be in favor of Buys. Confirmation awaited.
Technical Strategy: Bearish
Elliottwave Count: Either wave (C) continuation or B wave of (B).
Larger outlook on weekly chart is showing weakness on long and short term. EURO vs Indian Rupee price is testing weekly trend line. Last time this line was tested on September, 2015 and post that we seen nice pullback towards 77.80 levels. We...
I love your support!
I am Bearish on EURINR based on patterns on the daily and weekly chart.
There is a European central bank rate decision in a few days which will decide the direction of the trade and bring volatility into the market.
Important zones of support at 73.70 have been broken and a retest of that level can be expected before price moves...