EUR/INR may fall 265 - 389 pips

Our pivot point stands at 93.490.

Our preference

The downside prevails as long as 93.490 is resistance.

Alternative scenario

The upside breakout of 93.490, would call for 93.700 and 93.825.

Comment

The RSI is below its neutrality area at 50. 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 93.323 and 93.345).

Supports and resistances

93.825 **

93.700 *

93.490 **

93.407

93.284 last

93.019

92.895 **

92.770 *

92.645 **

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