EURO-INDIAN RUPEE SHORT TERM VIEW: 18th June 2019

Insignia Consultants

New Delhi

Tuesday, June 18, 2019

TIME: 8:45 am IST

         

EURO -RUPEE (EURO/INR) SHORT TERM VIEW

Euro/Inr (Spot/Inter-bank) Current price: 78.4150

EURO-INDIAN RUPEE (INTER-BANK/SPOT) Current Price Rs.78.4150
S5	S4	S3	S2	S1		R1	R2	R3	R4	R5
₹ 76.0075	₹ 76.5850	₹ 77.2125	₹ 77.4950	₹ 77.8475		₹ 78.9825	₹ 77.3350	₹ 79.6200	₹ 80.2475	₹ 80.8225
All technical are for reference only

Key long term support: 76.2100

Key long term resistances: 79.6525

Immediate resistance: 78.2200

Immediate support: 78.6550

Slowdown in Germany is affecting euro. Net short positions are still quite high in euro/usd. Last week net euro/usd shorts fell slightly but is still on the higher side. European central bank can cut interest rates next year if growth slows. Host of political issues in various Eurozone nations is negatives affecting euro. Only a general weak US dollar trend can lift euro/usd and euro/inr. Friday’s close will be the key for euro/usd from a short term perspective. Monday’s (24th June) open price will be the key for euro/inr.

Technically speaking: (a) 100 day moving average at 78.3450 is key price to watch. (b) 100% retracement is at 78.2200. (c) Euro/inr needs to trade over 78.2200-78.3450 zone to rise to 79.6525 (200 day moving average) and 81.3225. (d) Assuming some undershooting if euro/inr falls, then euro/inr needs to trade over 77.8725 to be in in bullish zone. (e ) Crash or another wave of sell off will be there below 77.8725 to 77.1100 and 76.2100.

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto currency, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Prepared by Chintan Karnani

NOTES TO THE ABOVE REPORT

PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED

Indian Standard Time (IST): +5:30 GMT

Current Market Price (CMP)

All foreign exchange prices are for inter-bank rates.