How to trade EURINR with the help of EURUSD?
Intermarket relationship is one of the tools which can help traders for better and high probability trades.
EURUSD and EURINR exhibit brilliant relationship. This relationship may differ in magnitude but at the end of the day which trend prices are following is important. It is also very vital to know the pattern, so one can place his or her bets accordingly.
Below is the part of research taken from “The Forex Waves Short term update” which provides the short to medium term outlook on USDINR, GBPINR, EURINR and JPYINR. This report includes important level for each currency pairs with proper risk reward ratio.
EURINR 60 mins chart spot:
For EURINR, after gaping action on 25th June 2014 prices have done nothing but consolidated in a range.
For EURUSD, prices are might forming inverse head and shoulder pattern which is bullish sign for EURO and this will increase buying pressure in EURINR.
As shown in 60 mins chart, prices have managed to sustain the gap and currently consolidating near 82.30 level. The reason behind this consolidation is that EURUSD is forming bottoming pattern and so far we do not have any positive price confirmation. Break of the pattern will provide positive sign and it will accelerate the buying pressure in EURINR currency pair which will take prices towards higher levels. In short……….
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