Due to Geopolitical tensions, the value of the Euro is expected to rise in comparison to INR. The currency pair has broken out and is looking to retest before continuing with the up move. So It would be a good idea to enter in a retest and expect a reversal rally. 200 EMA also acts as a firm dynamic support. Supports are marked in Green and Resistances in Red. In case of breakdown, we can expect the pair to dip towards the 77 mark. Forex Trading Positions betting on currency value depreciation can also act as a Hedge for Long Positions in Indian Equity Swing Trading.
So it would be a good idea to go long on Retest and wait for the pair to break out of the smaller triangle pattern.
Long @ 82.55
Stop Loss @ 80.05
Target @ 87.55
Risk Reward Ratio 2:1
Selling Put Options near the Support Options with Hedge could also be a good strategy.
Note: Views are personal, Not Responsible for P & L. DYOR before trading/Investing.
So it would be a good idea to go long on Retest and wait for the pair to break out of the smaller triangle pattern.
Long @ 82.55
Stop Loss @ 80.05
Target @ 87.55
Risk Reward Ratio 2:1
Selling Put Options near the Support Options with Hedge could also be a good strategy.
Note: Views are personal, Not Responsible for P & L. DYOR before trading/Investing.