Short trades can be initiated on EUR INR as correction is due after ~3 weeks of rally. Strict stop loss should be placed as it is currently trading above 200 EMA on daily charts. I'd recommend trailing your stop loss once it starts moving in our desired direction.
EURINR is looking weak as previous 2 weeks high is acting resistence.
StochRSI also showing early signs of reversal.
The chart is pretty much clear and very straight forward.
Date: Sunday, 13th Oct 2019
Short below 78.214
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EURINR 4h time frame. sharp move from 76.1501 to 77.6148.
Using baseline chart. as we can see level 77.6239 is a strong resistance.
although eurinr is in bear trend following weekly time frame it formed an H&S.
for trade setup upcoming week. look for a consolidation pattern breakout either side of that white box, chances are price retracement at 50%, 61.8% fib...
EURO looks double top here and reached previous ATH against INR
Bearish divergence in daily/weekly charts.
5 wave impulsive moves is completed here for EUR.
We will see correction to the red line at 76-77 INR.
Time line 3-4 months .
EURINR trading above Ichimoku Kumo and has just entered the cloud in Monthly charts. Trade BUY EURINR only at 79.15 with Stop-loss of 77.45 and Target1 @ 82, Target 2 @ 85 and Target 3 @ 92.
This analysis is on special request (Education preferably) and any trading done on this analysis should be taken after consulting your financial advisor.
EUR INR Spot at 79.99, after testing the high 80.35, It’s highly expected market would be corrected till 79.33-30 (65%), and 78.54 (35%), as it’s break 79.84, in coming sessions, traders can go for short and also take premium advantage for coming sessions. Exporters are advise to hedge at least 60-70% at 79.80 to 80.04, and Importers are free to hedge till...
EUR INR spot 80.07, as we previously analyzed it would test 79.80, now it’s crossed that level now the range is open for exporters till 80.84 the 82.00(Max)(Levels on Aug 2014), as it’s break 79.80, would test 79.20 importers can book at that level.
EUR INR SPOT 78.14, potentially forming bullish flag, as it would be confirm at 78.36-40, target level 79.76-84, in next week,
On the other hand if it’s not break 78.36-40, will test fibo level 50% at 77.40-44
SPOT 77.74, at higher from last Feb 2016, this level comes 3 times from last 3 years .. Dec 2014, Aug 2015 and feb 2016, now it's again at 77.74, high at 77.80-90, if market holds 76.96 to 77.04 then expecting to go higher 78.50, then 79.80-95..in coming weeks. on the other hand i'm also suggest to book at least 50% exposer at this point only to exporters for...
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...