Oct 05 2018

Trade idea for the day

USDINR: A short term descending triangle formed on hourly chart and at present the price action is trying to test the resistance zone of triangle pattern. RSI (14 period) is neutral at 61 mark.

Our Preference: – Sell at 73.63-68

Target – 73.45

Stop loss – 73.72.

EURINR: The pair seems holding its immediate support at 50 period EMA and is likely to test its resistance area which is at 84.95 mark. RSI 14 period is hovering above 50 mark.

Our Preference: – Buy at 84.68

Target – 84.95

Stop loss – 84.55