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...
We can expect another low to first impulse fib level 168%. High 86.74 and cmp 84.55 potential rejection can happen at that level it may even take quite sometime to break EQ and break below to reach 83.27.
Reason: Nothing happens as you think.
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...