Less than 2 months ago, EUR/INR was set for an explosion Vs EUR/USD. It hit maximum Correlational peaks and miles of distance from the EUR/USD trend line. Today, EUR/INR price has now subsided to very normal terms especially in the last 3 weeks. Its fully and comfortably a EUR pair as its moves are nearly lock step and it now sits dead on the trend line.
Along a 6 year curve, EUR/INR is downsloping and begins at vital point 78.95, 76.27, 74.61, 73.95, 71.48, 71.20, 70.40 and 70.04. From current price at 70.86, two most important breaks occurred at 71.48 and the intraday point at 71.20. From 78.95, current price is slightly oversold but not to any dramatic degree. Subtract 78.95 from the above points then the current price at 70.86 is very balanced. Current range is found between vital points 70.40 – 71.48, both are important levels and will define the next move.
From current 70.86 price, the immediate points are found below at 70.83 and above at 70.87. A break higher above 70.87, targets next 71.07 then the intraday point at 71.20, 71.35 and 71.45. A failure at 71.20 is a good short point. Below 70.83, next targets 70.61, 70.46, 70.39, 70.40. Points at 70.39 and 70.40 are important points, breaks lower targets next 70.09 then 70.04, 69.57, 69.37, 68.83. Two most important points in this series are 70.04 and 69.57.
The Greek situation has the potential to take EUR/USD further down despite severely oversold. EUR/INR will follow. An agreement is a long way off. The S&P Rating agency offers Grexit at 50% as I read Marc Chandler regarding the Greek situation. To further quote Marc, Greece has another 3 billion Euro payment coming due in mid July. The Greek situation is just warming up and has ability to contain any EUR rises. So EUR/INR is as well a sell rally trade.
I’ll continue to post trades, data, info as long as I’m able. I don’t know anything facebook or other social media creations. I don’t use them, I don’t know how to use them. So I’m either out and go private or I’m in by some other means. I just don’t know what’s next. Its not looking good for me to stay out here. Excuse this shoddy site I’m using to park articles. It was created 7 years ago and honestly, I haven’t thought about it in 7 years until FX street closed. We;ll see how it goes. Write if you wish, email@example.com
Further, EUR/INR was done for SRI and many friends from India. EUR/INR and all INR pairs are very smooth, trades very evenly, isn’t erratic, low spreads. Really a great pair and even a great starter pair to learn for beginners.
Brian Twomey, Inside the Currency Market, btwomey.com