INR pairs are showing high volatility due to the sudden reversal witnessed USDINR in last week. Crude fall is driving INR lower i.e appreciating against US Dollar. The effect of the same can be seen on EURINR.
EURINR showed a sharp fall from 80.08 to 79.30 cracking by 0.78 and still counting. So, was it possible to forecast this down move?
Below is the chart taken from “The Forex Short Term Update” which shows detail analysis using basic techniques like channeling, resistance and support level, moving averages which helped in providing good trade set up.
EURINR 60 mins chart: (Anticipated as on 24th May 2018)
EURINR 60 mins chart: ( Happened as on 25th May 2018)
(Part of research taken from the report)
Elliott Wave Analysis:
From past few trading session EURINR is witnessing a range bound movement from 79.90-80.50 levels. As shown in hourly chart, prices have bounced back from its important resistance of 80.50 level and as of now prices are now quoting near important support of 79.90 levels. We can expect a move towards 80.50 levels. Break below 79.90 level will infuse serious sell-off.
In short, trend for EURINR is at a crucial juncture. Move above 80.20 can take the prices towards 80.50 levels whereas move below79.90 can take the prices towards 79.50 or lower levels.
Happened: Prices have finally given a break below its important support of 79.90 levels and witnessed a violent down move making a low of 79.30 levels. Also its 30-periods EMA is acting as resistance on upside which keeps the bias negative and break below intraday low of 79.30 can take the prices towards…. levels.
The above research shows the power of catching important support and resistance level break of which provide bigger swings. To know what will be the next move of EURINR subscribe to our Forex report which also covers USDINR, JPYINR & GBPINR. Also avail discounts of SUMMER Offer if registered by 31st MAY, 2018.