EUR/INR may fall 183 - 272 pips

Our pivot point stands at 90.822.

Our preference

The downside prevails as long as 90.822 is resistance.

Alternative scenario

Above 90.822, look for 90.971 and 91.060.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 90.890 and 90.895). Finally, the EUR/INR has penetrated its lower Bollinger band (90.709).

Supports and resistances

91.060 **

90.971 *

90.822 **

90.763

90.675 last

90.492

90.403 **

90.314 *

90.225 **

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