EURINR : Short Term recovery

May 9, 2019

EURINR is on short term recovery path after giving breakout from Head & Shoulder pattern. Falling trend line suggests upside is capped at 78.90-79 region. 5 DEMA is still below 13 DEMA .Today's close above 78.20-78.25 may turn it upward. As long as 80.40 (38.2% retracement of entire fall) holds on daily closing basis, we can expect pair to pursue H&S target of 72. What does that indicate? EUR can go weak in international market OR INR can get strong over a period of time.

May 13, 2019

Trade active

As expected EURINR, moved up and touch 79.50. It should reverse from here if it is a H&S pattern. Mini stop loss for short would be 80.50 on daily closing basis. CMP 79.30

May 16, 2019

Trade active

As expected pair reversed from 79.50 and now trading at 78.50. Sentiment is bearish till the time 80.50 is protected on closing basis

May 20, 2019

Trade active

Now trading at 77.54.