Technical Analysis of EUR/INR (4H Timeframe)

22 thg 9, 2024

In this EUR/INR analysis, we observe key confluences between price action and Fibonacci retracement levels, which are driving the pair's current movement. The pair is testing a critical support zone near 0.010727. A potential reversal could occur, as buyers seem to be stepping in at this level, which also coincides with the 23.6% Fibonacci retracement level at 0.010748 from the recent downtrend starting in August.

• Key Observations:

Descending Channel Breakout: The pair appears to be breaking out from a descending channel, suggesting bullish momentum may be gaining strength. The breakout needs confirmation via a sustained close above 0.010803 (38.2% Fibonacci level).

• Volume Profile Analysis

: Significant volume is concentrated around the 0.010803 to 0.010858 range, indicating potential resistance. A successful breach of the 0.010803 level will open the doors for a move toward the 50% Fibonacci retracement at 0.010858, followed by the 61.8% level at 0.010907, which aligns with another key supply zone.

1. Possible Scenarios:

• Bullish Case

: If the price sustains above the 0.010803 resistance, it is likely to continue its upward movement toward 0.010907, with potential for further upside in the short term.

• Bearish Case:

Failure to hold above the 0.010748 level could see the pair retesting the previous lows around 0.010650, marking a continuation of the downtrend.

Conclusion:
Traders should closely watch for confirmation of the breakout, particularly in the 0.010803 zone. A breakout will likely attract more bullish sentiment. The interplay of Fibonacci levels and volume clusters offers a roadmap for short-term trading decisions.

26 thg 9, 2024

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