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EURINR December futures formed strong Bullish candle - HDFC Securities 

USDINR

Technical Observations:

USDINR December futures formed bullish candlestick pattern above short term moving averages indicating bullishness.

The pair closed above falling trend line resistance indicating short term reversal.

Momentum oscillator, Relative Strength Index of 14 days period heading north with positive cross over indicating positivity for pair.

ADX line turned weak with conversion of –DI and +DI indicating bullishness.

USDINR December futures expected to trade with positive bias and level of 75.50 could open for 76 while trading below 74.40 negate the said view.

EURINR

Technical Observations:

EURINR December futures formed strong Bullish candle and covered loss of last eight days. The pair closed near short term moving average of 13 Days exponential.

Momentum oscillator, Relative Strength Index of 14 Days period formed positive divergence and exited from oversold zone indicating near term trend reversal. Directional Movement Index also hinting for short term upward move.

EURINR December futures expected to continue short covering rally in coming days with higher side resistance at 85.50 and 86.40 while falling below 84 negate the view.

GBPINR

Technical Observations:

GBPINR December futures formed bullish candle after multiple bearish candle and closed near week high.

The pair has resistance at 100.73, recent swing high, closing above it will lead to change in sequence of lower top lower bottom.

Momentum oscillator, Relative Strength Index of 14 days period exited from oversold zone with positive cross over indicating positivity for pair.

GBPINR December futures expected to trade higher in coming days with immediate resistance at 100.73 and support at 99.50. One can expect level of 101.75 once 100.73 gets clear.

JPYINR

Technical Observations:

JPYINR December futures has given falling channel breakout considered as short term reversal in trend.

The pair closed well above short term moving averages. However, it has been still in bearish formation of lower top lower bottom on daily chart which will be reversal above 66.60.

Momentum oscillator, Relative Strength Index of 14 days period witness vertical move and crossed above falling trend line indicating short term reversal in trend.

JPYINR December futures expected to trade with positive bias once the level of 66.50 cross while falling below 65 negates the trend.

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