EURINR Revisited

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 EURINR 4 hour chart 


Analysis

In my previous article I had mentioned that, " EURINR will continue to move higher with support of 87.40 (closing basis) and on the upside it can test the price range of 89.50-89.90 levels."

The pair made a high of 90.50 levels thereby completing wave v in ending diagonal pattern achieving my mentioned level of  89.50-89.90 levels - Anticipated Happened.

To view my previous article of EURINR, click on the below mentioned link

https://www.marketanalysiswithmeghmody.com/2023/01/eurinr-5th-wave-starts.html

Also you can see my previous article of how I captured the top of EURUSD

https://www.marketanalysiswithmeghmody.com/2023/01/eurusd-revisited.html

EURINR has shown reversal from the top as it gave up all the gains it made climbing above 90.4 levels and in two trading days it closed below 89 levels. Prices which were moving in a rising wedge pattern has not only given an overthrow, but has broken the wedge pattern from the lower side thereby opening negative possibilities.

From Waves perspective, prices have completed wave v in ending diagonal pattern and has opened wave a on the lower side which can reach towards 88 levels followed by 87.7-87.5 price range.

The summation is EURINR is negatively poised and can plunge towards 88 levels followed by 87.5 levels over short term.

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