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It has been facing resistance at 82.27, the 21 days exponential moving average - HDFC Securities
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Technical Observations:
USDINR July fut. breached the support line of 82 and heading towards 81.74, the 61.8% Fibonacci retracement, coinciding with multiple bottoms.
It has been facing resistance at 82.27, the 21 days exponential moving average.
Momentum Oscillator, RSI of the 14 days is placed below 50 and exhibiting weakness. MACD is positioned below the zero line and weakening.
The fall in prices and open interest has been observed, signifying an unwinding.
The pair is expected to trade lower with the downside eyeing 81.74 while 82 becomes near-term resistance.
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
