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Published on 27/05/2019 9:39:57 AM | Source: Choice Broking Pvt Ltd

We expect sideways to bearish move in EURINR future towards 77.40 level - Choice Broking

Posted in Currency Report| #Currency Tips #Choice Broking

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USDINR

Technical View:

USDINR has depreciated by 0.69% during the last day of the week and settled below 70 levels.

On the daily chart, pair has pulled back form the lower line of Symmetrical Triangle pattern, which indicates immediate support for the prices.

Moreover, the price has moved below 50 DEMA on the daily timeframe.

Furthermore, pair has sustained above lower Bollinger band formation, which suggest bullish trend for near term.

So based on the above analysis, we expect bullish movement in USDINR towards 70 level.

 

JPYINR

Technical View:

JPYINR has slipped down by 0.28% on Friday session and settled below the prior close.

On the daily chart, pair has tested upper line of Symmetrical Triangle pattern breakout point and moved upward.

Moreover, price has been moving above 50 days DEMA on the daily chart, which signifies bullish sentiments in the counter.

Furthermore, pair has found the support at lower Bollinger Band formation and pulled back from there.

So based on the above technical aspects, we expect further upside in JPYINR towards 64 level.

 

GBPINR

Technical View:

GBPINR has traded lower by 0.35% in last trading session of the week.

On a weekly chart, pair has given trend line breakdown and shifted below lower Bollinger band formation, which indicates bearish move in the counter.

Moreover, a momentum indicator RSI and MACD has shown negative crossover on the daily chart.

So based on the above technical structure, we expect sideways to bearish move in GBPINR towards 87.80level.

 

EURINR

Technical View:

EURINR has corrected almost 0.24% on Friday session and shifted below 78 level.

On the daily chart, pair has been trading between two consecutive line, where it has taken a support at lower Bollinger Band formation and shifted above the trend line.

In addition, pair has still been trading below 50 DEMA on the daily scale.

A momentum indicator RSI (14) has moved lower with negative crossover.

So based on the above studies, we expect sideways to bearish move in EURINR future towards 77.40 level.

 

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