EURINR: Diametric in making?

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EURINR is moving in a positive direction after forming a bottom of 65.74 on 13th April 2015. As of now prices are moving in stiff range of 74-77 levels. Currently the pair is protecting the level of 74 and can move closer till 76.70-77 levels over short term. Faster retracement from the top will give first indication of a reversal, followed by breaking of 74. A sustainable move below 74 will open the possibility of 69-70 levels over medium term (2-3 months).

From wave perspective, EURINR is moving in a diametric pattern, which has seven legs in it (a-b-c-d-e-f-g). Diametric formation is a complex structure which is difficult to identify, as at first it will look like a expanding triangle and then it will form contraction. Currently EURINR is in the last leg of diametric pattern which is wave “g”. This wave is corrective in nature though it can also form more complex structure going ahead.


To conclude, EURINR is expected to move higher closer to 76.80-77 levels in near term supported by Dollar weakness. Faster retracement, breaking the level of 74 will open the possibility of 69-70 over medium term.

EURINR Daily Chart

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