Aug 31 2018

Trade idea for the day

USDINR: The pair started consolidating at the top of hourly chart and along with that a bearish divergence in RSI (14 period) is seen. Immediate support is at around 70.80 mark.

Our Preference: – Sell at 70.95-70.98

Target – 70.80

Stop loss – 71.03

EURINR: EURINR is trading in a upward sloping trend channel on a hourly chart. At present it is hovering close to its channel resistance and momentum indicators are about the reach their overbought territories.

Our Preference: – Sell at 82.90-95

Target – 82.50

Stop loss – 83.10