EUR/INR In Resistance zone
Puneet Dang | Jun 10, 2020 01:13PM ET
We saw the pair rally during the past few days and stagnating after the U.S. nonfarm payroll data was released. It led to a temporary rise in the value of the greenback followed by a fall in EUR. Hence, EUR/INR also retracted to the levels of 85.0000.
Currently, the pair stands at 85.9380 and has reached its major resistance, which was established in 2018. U.S Federal Reserve would be announcing its economic projections, which would decide if the pair would break this resistance or will retrace down from here.
Moreover, the US Dollar Index has been on a continuous downtrend since March and technical indicators are implying that it's oversold. Hence, this statement would give a clear picture of how the U.S. is planning to recover from the crisis if any changes would be there in the interest rates and more related issues. If the dollar rises in value, EUR would start falling, and hence EUR/INR can observe a sell-off. Moreover, if the news is negative for the dollar, we can expect this pair to break out and continue the upward trend.
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