EUR/INR may rise 247 - 351 pips

Our pivot point is at 90.843.

Our preference

Rebound towards 91.356.

Alternative scenario

The downside breakout of 90.843 would call for 90.669 and 90.566.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 91.079 and 91.190).

Supports and resistances

91.563 **

91.459 *

91.356 **

91.252

91.005 last

90.911

90.843 **

90.669 *

90.566 **

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