EUR/INR may fall 255 - 383 pips

Our pivot point is at 90.618.

Our preference

The downside prevails as long as 90.618 is resistance.

Alternative scenario

The upside breakout of 90.618, would call for 90.833 and 90.960.

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 is trading under both its 20 and 50 period moving average (respectively at 90.596 and 90.596). Finally, the EUR/INR is trading below its lower Bollinger band (standing at 90.424).

Supports and resistances

90.960 **

90.833 *

90.618 **

90.534

90.322 last

90.067

89.939 **

89.812 *

89.684 **

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