EURINR Elliott Wave Analysis

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 EURINR daily chart

Analysis

As seen in the above daily chart, prices are moving in a lower high lower low fashion after facing the resistance of its previous high (horizontal upper red trend line) and also the distribution pattern which was formed near to it known as expanding rising wedge pattern. Once price broke this pattern it started moving down and can falter going ahead.

From waves perspective, prices are moving in a flat pattern (A-B-C) and offlately it has opened wave C on the lower side. Wave C is impulse in nature and currently it is moving in a wave iii which can go till 87.60-87.20 levels. Then a counter trend in the form of wave iv can come followed by wave  v of wave C which can test the range of 86.80-86.00 levels.

The summation is EURINR is negatively poised and can slump towards 87.60-87.20 price range and over medium term it can test the range of 86.80-86.00.

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