FX_IDC:EURINR
First of all, the most important thing to remember is the support and resistance levels are not exact numbers. Often times you will see that market broke the support/resistance level but in reality, it was just testing that level. To filter out these false breakouts you should think of support and resistance more of as "zones" instead of actual...
In 1 HR Chart EUR / INR forming the HEAD AND SHOULDER pattern,
To make the trading decision
We have to wait until the close of 1 HR candle below the NECK LINE to ENTER SHORT
as the EURINR has broken through the 2 line break, hence EURINR is bullish, i.e LONG at 72.5 with stop loss being at 72.0258
the target is 73.23.
this is a very simple strategy of overlaying the 2line break chart on a candle chart, which immediately gives you the direction of the market, entry and exit.
Talking Points:
Technical Strategy: Bearish
Elliottwave Count: Either wave (C) continuation or B wave of (B).
HTG Note:
Larger outlook on weekly chart is showing weakness on long and short term. EURO vs Indian Rupee price is testing weekly trend line. Last time this line was tested on September, 2015 and post that we seen nice pullback towards 77.80...
