EUR/INR support test: Key levels to watch

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Euro vs Indian Rupee drops 0.53% today

Highlights

EUR/INR has dropped 0.53% to ₹110.1933, trading near today’s low on reduced volatility.
Technical signals are bearish in the short and medium term, with most indicators suggesting strong downward momentum and oversold conditions.
The expected price range for the next 2 to 3 days is ₹109.6423 to ₹110.7443, with a high risk of further decline if support fails.

Bearish momentum strengthens as resistance holds and oversold signals cluster

On the technical front, EUR/INR is trading below both the MA-20 and MA-50 on the hourly chart, while remaining above the MA-200 on the daily timeframe. The Ichimoku Kijun level at ₹110.6044 is acting as immediate resistance, with short-term support seen near ₹109.6423. Momentum indicators confirm negative pressure: MACD and ADX signal a sell bias, while RSI at 29.3, Stoch RSI, and CCI all show oversold conditions. Bull/Bear Power highlights some intraday buyer activity, though the Awesome Oscillator remains neutral, underlining divergence among momentum signals.

Sideways bias persists amid low breakout odds and downside risk

In the short term, price is expected to remain rangebound between ₹109.6423 and ₹110.7443, reflecting typical volatility for this pair. The probability of an upward move remains very low, while the likelihood of further downside is high. The baseline scenario anticipates sideways movement within the defined range. If price breaks above ₹110.6044, this could trigger a bullish breakout, while any failure to hold above support near ₹109.6423 risks a deeper decline.

Anton Kharitonov, analyst at Traders Union, highlights the sustained technical weakness in EUR/INR as price lingers below both the MA-20 and MA-50, with negative momentum confirmed by MACD, ADX, and oversold RSI readings. He notes that support at ₹109.6423 is critical, as a break could deepen downside pressure, while only a move above ₹110.6044 would invalidate the bearish bias. Kharitonov remains cautious and defensive given the prominent sell signals and divergence among indicators. "Until bulls reclaim ₹110.6044, I see no justification for upside and expect sellers to stay in control."

Earlier, analysts noted that Euro vs Indian Rupee had been supported by sustained bullish momentum and trend alignment across multiple timeframes. The current article signals a shift towards short-term bearishness, highlighting the importance of monitoring whether the pair can hold support near ₹109.6423 or risks further declines.

Source of Data: EUR Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.