Moneycontrol
Jun 08, 2017 05:02 PM IST | Source: Moneycontrol.com

EURINR is expected to trade higher: Choice Equity Broking

Choice Equity Broking has come out with its report on currency. According to the research firm, On a daily chart, prices have been trading in falling channel pattern from past few weeks and price has taken the support of its lower band of channel pattern at 69.60 levels.

EURINR is expected to trade higher: Choice Equity Broking

Choice Equity Broking's currency report on EURINR

On a daily chart, prices have been trading in falling channel pattern from past few weeks and price has taken the support of its lower band of channel pattern at 69.60 levels. The price has taken the support of its falling trend line at 69.50 levels o daily chart. The pair has been trading above its 10 HSMA on the hourly chart, which suggests further positive momentum can be seen in the prices. On daily chart momentum oscillator, RSI has been taking support at 35 levels on a daily chart, which suggests bullishness in the prices. A momentum indicator MACD has shown positive crossover on the hourly chart, which supports our bullish view on the prices. For now, we can expect prices should move higher towards 71.10 levels in the coming trading session.

Outlook

we can expect prices should move higher towards 71.10 levels in the coming trading session.

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