EURINR Wave B in motion

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 EURINR daily chart


Analysis

EURINR is moving in a sideways direction with not clear trend. The sideways action has a broad range with support placed at 86.00 and resistance at 91.00 levels. Off lately prices have bounced from the level of 88.00 and has climbed back above 90.00 levels last week. The closing was below 90.00 but it seems that prices will re-conquer 90.00 levels in coming week.

From Waves perspective, the pair is moving in wave B where wave A has taken 24 trading sessions and wave B has taken more than that, this confirms that prices are moving in a flat pattern (a-b-c). Currently prices are moving in wave B in which it is moving in wave c which is impulse. In wave c it has completed wave iii and wave iv which is still going on or is over. If it is completed than wave v on the higher side will start which can take prices near to 90.50 levels.

The summation is EURINR has a significant support at 88.70, as far as it is protected on the downside, prices are expected to move towards 90.30-90.50 price range. Failure to protect the support will negate the upside level.

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