Oct 29 2018

Trade idea for the day

USDINR: The pair is trading in a converged range of symmetric triangle in hourly chart, either side breakout is required to initiate the fresh trade position. The bias seems bearish as the price action is below 200 period SMA and RSI (14 period) has gone below 50 mark.

Our Preference: – Sell below 73.28

Target – 73.10 and 73.00

Stop loss – 73.40

EURINR: The pair is trading well above its 50 period EMA on hourly chart- indicating EURINR to move higher intraday. RSI (14 period) is above 50, means the prices tends to trade upward.

Our Preference: – Buy at 83.66

Target – 83.90

Stop loss –83.54