Insignia Consultants
New Delhi
Friday, 09 August 2019
TIME
10:15AM IST
----------------------------------------------------------------------------------------------------------------
EURO -RUPEE (EURO/INR) SHORT
TERM VIEW
Euro/Inr (Spot/Inter-bank) Current
price: 78.9475
|
EURO-INDIAN RUPEE (INTER-BANK/SPOT)
Current Price Rs.78.9375
|
||||||||||
|
S5
|
S4
|
S3
|
S2
|
S1
|
|
R1
|
R2
|
R3
|
R4
|
R5
|
|
₹ 75.8750
|
₹ 76.9225
|
₹ 77.4050
|
₹ 77.9950
|
₹ 78.4325
|
|
₹ 79.4350
|
₹ 79.9025
|
₹ 80.4875
|
₹ 80.9675
|
₹ 82.0150
|
|
All technical are for reference only
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Key long term support:
76.3325
Key long term resistances: 80.0675
Immediate resistance:
79.3250
Immediate support: 78.4325
A
long term bottom was formed in euro/inr last week at 75.9900. I do not see
euro/inr below 75.9900 over the next few months unless rupee gains sharply
against the US dollar. Two hundred day moving average around 78.8125 is the
immediate support. Hundred day moving average around 77.9200 is the key long
term support.
Trend
for euro/usd is still down. It is oversold but hyper bearish momentum. Euro/inr
can rise to 80.0675 and 82.0150 as long as it trades over 77.9200. Crash will
be there below 77.9200. There can be very sharp two way moves. One needs to
remain on the sidelines.
If
US President Donald Trump indulges in a currency trade war, then euro/usd and
euro/inr can rise sharply anytime. Fundamentals are still very bearish for
Eurozone. Italy political developments will be closely watched.
Next
week, there are two holidays. Monday Bakri Eid and Thursday, Independence day.
Hedging of short term receivables and payables is necessary for both of them.
Disclaimer: Any opinions as to the commentary, market
information, and future direction of prices of specific currencies, 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. All analyses used
herein are subjective opinions of the author and should not be considered as
specific investment advice. Investors/Traders must consider all relevant risk
factors including their own personal financial situation before trading.
Websitewww.insigniaconsultants.in. Prepared by
Chintan Karnani
Disclosure: Insignia
consultants or it employees do not have any trading positions on the trading
strategies mentioned above. Our clients do have positions on the trading
strategies mentioned in the above report.
Insignia Consultants does not have any branches in India.
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NOTES TO THE ABOVE REPORT
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TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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