As per my Analysis, EURINR is facing strong resistance at level inbetween 90.37-90.62,there could be a reversal from this resistance level, as a positional trader this could be a best opportunity to go short in EURINR either you can wait to reach near marked resistance or trendline resistance then you may go short.
also keep tracing 50SMA to get better...
Hope you all are doing well.
In my Analysis EURO is loosing its upside potential and uptrend so once the price reached at resistance level we may take a short position in EURINR and we can carry this position till end of this month or end of next month to get better results.
Hope this will Help.
Euro to Indian Rupee pair (EURINR ) has been forming rising wedge for some time on the Daily time frame. This is also supported by fall in momentum as shown in the RSI.
The pair has rejected bulls for last few days. Conditions look ripe for a fall in price toward wedge target zone of 86.8 on the EURINR spot pair. SL may be kept above previous high, around 89.30.
EURINR spot pair has formed inverted head and shoulders on the 2H chart. The currency pair is breaking out of that formation. We can wait for a retracement to enter long for a measured move target of 83.5.
EURINR has been moving sideways with a downward bias over the last few days post the peak on Dec 3rd. The sideways move has traced an W-X-Y pattern. The pattern also resembles a 'FLAG' pattern as per classical chart analysis. Considering the previous sharp move , one can expect a continued upsurge following a break of the upper trend line
The subsequent move...