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EURINR November futures unable to sustain above falling trend line - HDFC Securities 

USDINR

Technical Observations:

USDINR November futures started forming bearish sequence of lower top lower bottom on daily chart confirming near term down trend.

The pair closed well below short term moving average of 20 DMA and now have support at 74,33, the 50 DMA. 

Momentum oscillator, Relative strength index of 14 days period placed below central line with southward direction indicating weaker momentum in coming days.

 USDINR November futures expected to trade lower and could find support in the range of 74.30 to 74 while continue to resist around 75 odd levels.

EURINR

Technical Observations:

EURINR November futures unable to sustain above falling trend line and fell back below the line indicating bearishness .

The pair has been heading towards recent low of 86.04 with volume indicating weakness.

It has been placed below short term moving averages.

Momentum oscillators and indicators on daily and weekly chart remains weak indicating down trend with weak momentum.

EURINR November futures has support at 86 and resistance at 87.50. Breaking of 86 will open further downside towards 84.50 level.

GBPINR

Technical Observations:

GBPINR November futures witnessed free fall in the week gone following weakness in pound against major trading currencies.

The pair has broken the support of short term moving averages.

Momentum oscillator, RSI headed towards oversold zone and gap between oscillator and average widen due to harsh sell-off. 

DMI on daily chart given strong bearish signal with cross over of —DI to +DI with crossing of ADX line near breakeven line.

GBPINR November futures has support at 100.46 and 99.97 while resistance shifted to 102.37.

JPYINR

Technical Observations:

JPYINR November futures resisted at 20 DMA on daily chart and traded lower with lower top lower bottom on daily and weekly chart. 

The pair has been gradually shifting the range lower in last couple of month. It has been facing resistance around 66.50 and support around 60.50.

Momentum oscillator, RSI given negative cross over and heading towards oversold zone 40) indicating bearishness.

JPYINR November futures remains bearish until it sustains above 66.75 while on breaking of 65.50 leads to open level of 64.50 and 64. 

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