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Published on 29/05/2019 9:45:11 AM | Source: Choice Broking Pvt Ltd

We expect sideways to bearish move in EURINR (June) future towards 78 level - Choice Broking

Posted in Top Stories| #Currency Tips #Choice Broking

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USDINR

Technical View:

USDINR were little positive during the Tuesday trades and settled on positive note.

On the daily chart, pair has taken a support at Rising Trendline and pulled back from there, which indicates immediate support for the prices.

Moreover, the price has been hovering near 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 (June) towards 70.20 level.

 

JPYINR

Technical View:

JPYINR edged higher on Tuesday session with gain of 0.35%.

On the daily chart, pair has reversed after taking a support of Symmetrical Triangle pattern breakout point, which indicates bullish movement in the counter.

Moreover, price has been moving above 50 days DEMA on the daily chart, which signifies bullish sentiments for near term.

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 (June) towards 64.40 level.

 

GBPINR 

Technical View:

GBPINR has moved in narrow range on Tuesday session and settled on flat note.

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 (June) towards 88.20 level.

 

 

EURINR

Technical View:

EURINR opened on positive note and traded with limited gain on Tuesday.

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 (June) future towards 78 level.


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