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Dealmoney - Commodity Daily - 18-Mar-20	Download pdf

EURINR

EURINR has formed a Head & Shoulder pattern & price giving close below the neckline, implying bearish trend for the price. Meanwhile, the momentum indicator RSI at 44 has retraced from overbought zone, supporting the bearish bias. Price is having an immediate resistance of 82.7, with an immediate support around the levels of 81.7/81.31 for the coming session. With the above analysis, we expect bearish bias to continue and sell on rise strategy could be implemented from the level of 82.5-82.7 with a protective stop loss above 83.6 with the target of 81.00/80.6.