EUR/INR may fall 189 - 280 pips

Our pivot point stands at 90.233.

Our preference

The downside prevails as long as 90.233 is resistance.

Alternative scenario

Above 90.233, look for 90.386 and 90.476.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 90.263 and 90.413).

Supports and resistances

90.476 **

90.386 *

90.233 **

90.173

90.063 last

89.874

89.783 **

89.692 *

89.602 **

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