EUR/INR may fall 185 - 270 pips

Our pivot point stands at 90.966.

Our preference

Under pressure below 90.966.

Alternative scenario

Above 90.966, look for 91.109 and 91.195.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 90.879 and 90.863). Finally, the EUR/INR is trading below its lower Bollinger band (standing at 90.792).

Supports and resistances

91.195 **

91.109 *

90.966 **

90.910

90.766 last

90.581

90.496 **

90.411 *

90.325 **

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