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Showing posts from July, 2018

EURUSD: Resumption of downtrend

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EURUSD

EURUSD is moving down in an impulse fashion. Recently it has completed wave iv after extended wave iii, thus opening the possibility of wave v on the downside which can tumble prices till 1.150 or even lower.
However, wave v can also be a failure, particularly known as truncation. So I will be bearish for this pair with the support at 1.150 and if it is broken then acceleration of downtrend will continue.
In short, expect prices to stumble close to 1.150 in near term.

USDINR: Correction on the way

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USDINR Daily chart



From the above chart USDINR has completed five waves on the upside, thus opening the possibility of a correction which can drag prices near till the immediate support.

The supports are now placed at 68 followed by 67 which is the support of the trend line. I think all these support will be broken in near term or in medium term.

From wave perspective, after completing an impulse wave, a corrective wave of a higher degree is likely to follow which can take prices till 68 followed by 67 over short to medium term.