EURINR- Sideways action expected

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 EURINR 2 hour chart


Analysis

As seen in the above chart, prices are moving in a sideways direction primarily in between 87-89 levels. Last week the pair plunged from the top of 88.60 and came back down towards 87 levels. It is not very obvious that it can go back up to test 88.50- 89 levels.

According to Wave theory, prices are moving in a flat pattern where it has completed wave a followed by wave b lower which was the last week low and then trying to move higher in the form of wave c which can possibly be in an ending diagonal pattern.

Another scenario can be, prices are moving in wave b of wave b as wave a was a steep fall so the current upmove can be wave b of wave b and then wave c on the lower side which can complete wave b then wave c higher.

In both the above scenarios there is a high possibility for the pair to go higher towards 89 levels going ahead.

The summation is EURINR has a crucial support of 87.00 on the lower side and can move higher to test 89.00 over short term.

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