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.
First of all, the most important thing to remember is the support and resistance levels are not exact numbers. Often times you will see that market broke the support/resistance level but in reality, it was just testing that level. To filter out these false breakouts you should think of support and resistance...
as the EURINR has broken through the 2 line break, hence EURINR is bullish, i.e LONG at 72.5 with stop loss being at 72.0258
the target is 73.23.
this is a very simple strategy of overlaying the 2line break chart on a candle chart, which immediately gives you the direction of the market, entry and exit.
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...