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Risk:Reward = 8-12 times
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...
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....
We mainey follow the price action on Daily Heikin Aishi chart with support signal from MACD histogram and Stoch. As per this chart, we have to trade only on the short side. We enter trade on the 1 hour candle, so after the first 1 hour candle is made then we enter trade if the market is still in red. Keep stop loss at previous candle high. Decide...