Mar 13 2018

EURINR – Technical Commentry

EURINR Seems facing a strong resistance/supply zone at  levels around 80.50-81.00. Momentum indicators are indicating a huge amount of supply/selling in the pair. 14-day Relative Strength Index, MACD and Slow Stochastic all are giving sell signal with a negative/bearish divergences, take a look at the chart – price action peaks(marked by Red Line) are going higher only while if we talk about indicators peaks, they all are making lower highs – which are diverging from the direction of prices. Fibonacci retracement tool is applied, from the rally started on 6 Nov 2017 to 8 March 2018 – which in turn are indicating the golden retracement ratio(50% and 61.8%) at 77.93 and 77.19 respectively.

According to the studies the upside in pair seems limited only up to 80.50-81.00, but for downside the range is quite wider (78.50-78.00).