Oct 16 2018

Trade idea for the day

USDINR: The pair seems struggling with 50 period EMA resistance at around 73.90-92. RSI 14 period is also below 50 mark, signalling the bears strength.

Our Preference: – Sell at 73.88-90

Target – 73.75 and 73.60

Stop loss – 73.97.

EURINR: The pair is creating the formation of inverted head and shoulder on the hourly chart. The Right Shoulder is in the process to complete the pattern, which is likely to test the neckline resistance at 85.80. Indicators are tilting towards neutral to bullish.

Our Preference: – Buy at 85.50

Target – 85.80

Stop loss –85.35