EUR/INR may fall 296 - 399 pips

Our pivot point stands at 89.412.

Our preference

The downside prevails as long as 89.412 is resistance.

Alternative scenario

Above 89.412, look for 89.584 and 89.687.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 89.519 and 89.567). Finally, the EUR/INR is trading below its lower Bollinger band (standing at 89.300).

Supports and resistances

89.687 **

89.584 *

89.412 **

89.344

89.268 last

88.972

88.869 **

88.767 *

88.664 **

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