EUR/INR may rise 269 - 384 pips

92.499 is our pivot point.

Our preference

The upside prevails as long as 92.499 is support.

Alternative scenario

The downside breakout of 92.499 would call for 92.307 and 92.192.

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 positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 92.568 and 92.392).

Supports and resistances

93.293 **

93.178 *

93.064 **

92.949

92.680 last

92.575

92.499 **

92.307 *

92.192 **

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