Way2Wealth has come out with its report on currencies. According to the research firm, one can buy EURINR above 67.90 for the target of 68.30 with a stop loss of 67.48
Way2Wealth's report on currencies
The week kicked off on a lower note for USDINR as the pair once again traded with negative bias to close with a loss of almost 0.35%.
Yesterday’s selling forced the pair to close below the given support of 62.45 which was the 61.8% FIB retracement level of the upside from 61.97 – 63.25 levels. Therefore, the pair might drift further towards 62.30 mark. However, the 78.6% FIB level of 62.24 would now
remain a crucial level to watch out for in the upcoming sessions.
The weakness in dollar index brought some cheer for GBPINR along with the other major currencies. As a result the pair closed the session with sharp gains just below 93 mark.
On the hourly chart we are observing that the pair is resting below a trend line resistance placed at 93.35 which is yesterday’s high too. Hence, a sustainable move above the same might result in further upside in the coming session.
Eventually EURINR started off the week with a huge recovery amid weakness in US dollar. Although the session remained volatile for the pair but it managed to close with a significant gain of more than a percent.
The move was in line with our view portrayed in daily as well as weekly report. Now the target of 68.00 was almost achieved in the previous session but daily chart is showing another fresh breakout above 67.70. Therefore a further move towards higher levels of 68.00 – 68.30 cannot be ruled out.
Currency : EURINR
Action : Buy Above
Entry : 67.90
Target : 68.30
Stop Loss : 67.48
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