Euro-India Rupee (Euro/inr) Short Term View: 9th August 2019

By: Admin
2 weeks ago
5418

Insignia Consultants

New Delhi

Friday, 09 August 2019

TIME 10:15AM IST                        

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EURO -RUPEE (EURO/INR) SHORT TERM VIEW

Euro/Inr (Spot/Inter-bank) Current price: 78.9475

EURO-INDIAN RUPEE (INTER-BANK/SPOT) Current Price Rs.78.9375

S5

S4

S3

S2

S1

 

R1

R2

R3

R4

R5

? 75.8750

? 76.9225

? 77.4050

? 77.9950

? 78.4325

 

? 79.4350

? 79.9025

? 80.4875

? 80.9675

? 82.0150

All technical are for reference only

Key long term support: 76.3325

Key long term resistances: 80.0675

Immediate resistance: 79.3250

Immediate support: 78.4325

A long term bottom was formed in euro/inr last week at 75.9900. I do not see euro/inr below 75.9900 over the next few months unless rupee gains sharply against the US dollar. Two hundred day moving average around 78.8125 is the immediate support. Hundred day moving average around 77.9200 is the key long term support.

Trend for euro/usd is still down. It is oversold but hyper bearish momentum. Euro/inr can rise to 80.0675 and 82.0150 as long as it trades over 77.9200. Crash will be there below 77.9200. There can be very sharp two way moves. One needs to remain on the sidelines.

If US President Donald Trump indulges in a currency trade war, then euro/usd and euro/inr can rise sharply anytime. Fundamentals are still very bearish for Eurozone. Italy political developments will be closely watched.

Next week, there are two holidays. Monday Bakri Eid and Thursday, Independence day. Hedging of short term receivables and payables is necessary for both of them.

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees  have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading. Websitewww.insigniaconsultants.in. Prepared by Chintan Karnani

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