Crude import accounts for nearly 20% of India's import bill. day by day if crude prices goes up, we will see major impact on INR, inflation and profitability of many companies. so if you are currency trader trade carefully.
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.
Talking Points:
Technical Strategy: Bearish
Elliottwave Count: Either wave (C) continuation or B wave of (B).
HTG Note:
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...
