EURINR (CMP:84.95) : The below weekly chart shows the pair has trading with in the rising channel set up. The pair has tested rising trend line support and also taken at 38.2% retracement support which suggests that bounce back on the cards. An addition long lower shadow candle stick pattern has formed last week with decent volume which signifies bullish reversal. Overall, the pair is heading towards 89.15 level with the support level of 82.25 (closing basis).
The below daily chart shows the pair has reversed from cluster support (40 day EMA, Rising trend line support & retracement support) with reversal candle which indicates near term bottom has been formed and now bounce back has started. The pair will rise towards 86.65 - 87.91 - 89.15 level which is 38.2% - 50% - 61.8% retracement level of last falling leg.
Recommendation: Investors can buy at CMP or buy on dips to 83.75 level for the target of 86.65 - 87.91 - 89.15 with a stop loss of 82.25 (closing basis).
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