EURINR forming rising wage on daily time frame and can take resistance from supply zone.
One can initiate short position in EURINR.
breakdown : 86.50
target : 80
Stop Loss : 90
Formation of ........ Chart Pattern.
Choose the appropriate one?
1. Inverted Head and Shoulder
2. Head and Shoulder
3. Head and Shoulder Top
4. Bullish Head and Shoulder
On observing hourly candle and fifteen minute candles, EURO seems more stronger until it breaks level of 87.1138. Immediate target is around 87.4127.
This only for education purpose only.
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.
I have used Highest Time frame in order to Get the data in orderly manner or You can say an effort to recognize patterns in easiest way
This shows all the basic rules of Elliott wave is met and also Meets the Guidelines
Most often people ignore either rules or Guidelines,
Kindly note this chart is 3 Month time frame so expect the down move of EURINR will...
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.
The charts suggest downtrend of Indian rupees against US Dollar but strengthening against EURO. EURINR should be in short positions once gives closing below 84.1000. Targeting anything nearly 80₹ per EURO.
I have made an efforts in Explaining how to forecast upcoming Patterns which are self repeating in itself
Most dont understand wave theory including self claimed Wave theory experts
Hope you have learnt something today
Trade with your own Method of entry & Exit
Good luck
Comparison between Running triangle-Leading and Ending Diagonals
Chart 1 depicts a theoretical structure of Running triangle and an ending diagonal in a down trend.
As mentioned the comparison is in a downtrend. Accordingly downward move is termed as directional move and move to the upside is termed as non-directional.
A running triangle has non-directional...
Price action takes its own path. My duty is to predict all possible options and spot entry and exits to trade.
What had happened overnight and what to expect further?
Chart 1: Details the the options predicted in Update 15-EUR/INR
Price action in incomplete wave had broke above wave A and had turned down with momentum greater than the incomplete wave. What does...
