Euro vs Indian Rupee price edges lower amid rising selling pressure

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Euro/rupee slips 0.54% today

Highlights

EUR/INR maintains a bullish structure across all trend horizons, holding above key moving averages and dynamic support levels.
Technical indicators signal upside bias with MACD and CCI supportive, but low trend strength and emerging overbought signs indicate caution.
Expected five-day range is ₹108.87–₹110.57, with a strong probability of upward consolidation unless support breaks and triggers further retracement.

Anton Kharitonov, expert at Traders Union, sees EUR/INR maintaining its bullish trend above key moving averages, but warns against complacency. He notes persistent bullish momentum, yet points out that low ADX and the slip to daily lows indicate limited trend strength. Absence of news flow raises concern over lack of a catalyst. Kharitonov stresses the potential for technical exhaustion as buyers dominate, while intraday weakness hints at volatility ahead. He concludes, "Unless EUR/INR can attract fresh positive drivers, the risk of a deeper retracement below ₹108.87 remains high."

Viktoras Karapetjanc, expert at Traders Union, highlights the strong bullish structure visible across all key timeframes for EUR/INR. He notes that technical and macro signals from weekly indicators support further growth despite a minor pullback. Market momentum and buyer power remain robust, suggesting attractive setups for continuation trades. He adds, "The bullish structure remains intact — I expect EUR/INR to challenge resistance at ₹110.57 in the near term."

Jainam Mehta, market strategist, identifies a divergence between short-term seller pressure and longer-term bullish momentum in EUR/INR. He sees the consolidation range between ₹108.87 and ₹110.57 as an opportunity for tactical entries. Mehta suggests that contrarian traders could consider positioning for a breakout if volatility increases. He states, "Potential for a breakout above ₹110.57 offers an appealing tactical setup if momentum revives."

Mixed momentum signals amid bullish structure and intraday pressure

EUR/INR remains positioned above the 20-day (₹108.4579), 50-day (₹107.7410), and 200-day (₹105.5988) simple moving averages, confirming a bullish short-, medium-, and long-term trend structure. The nearest dynamic support is seen near the Ichimoku Kijun at ₹109.5561, with the 50-day moving average acting as the next key support below the current price. Momentum signals present a mixed picture: MACD signals upward momentum, but the Average Directional Index (ADX) sits at a low level, indicating trend strength is limited. The Relative Strength Index (RSI) shows a positive bias without clear overbought warning, commodity channel index (CCI) supports buyers, and Stochastic RSI is neutral on the daily timeframe. Bull/Bear Power (BBP) shows buyers in control, but also flags overbought conditions, emphasizing potential technical exhaustion. The pair is trading near the low of its daily range after slipping 0.54% to ₹109.0540, opening with a downside gap of about ₹0.22. Intraday volatility is modest at 0.59%, and the tone reflects seller pressure following the open. Divergence between persistent bullish momentum signals and current intraday weakness is apparent.

Earlier, analysts noted that EUR/INR was exhibiting a robust bullish structure supported by technical factors, though caution was advised due to emerging overbought signals. The current analysis reinforces this view, with short-term consolidation likely and a breakout above resistance poised to amplify upside momentum in the coming sessions.

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

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