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.
As EURINR is near to its all time high, which also acts is strong resistance level. we can expect profit booking and a correction in price at these levels.
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
SL: 78.590
Open Target
Your trades are your own sound decision. I'm not responsible for them.
Trade safe.
TREND ANALYSIS
TRADE SETUP
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Wait for Proper Entry Setup.
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