EUR/INR may rise 249 - 363 pips

92.206 is our pivot point.

Our preference

The upside prevails as long as 92.206 is support.

Alternative scenario

The downside breakout of 92.206 would call for 92.014 and 91.899.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 92.266 and 92.074). Finally, the EUR/INR is trading above its upper Bollinger band (standing at 92.377).

Supports and resistances

92.996 **

92.882 *

92.767 **

92.653

92.404 last

92.281

92.206 **

92.014 *

91.899 **

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