EUR/INR may rise 222 - 325 pips

Our pivot point stands at 90.465.

Our preference

The upside prevails as long as 90.465 is support.

Alternative scenario

The downside breakout of 90.465 would call for 90.292 and 90.189.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 90.503 and 90.425). Finally, the EUR/INR is trading above its upper Bollinger band (standing at 90.595).

Supports and resistances

91.132 **

91.029 *

90.926 **

90.823

90.601 last

90.533

90.465 **

90.292 *

90.189 **

Number of asterisks represents the strength of support and resistance levels.