EURINR

EURINR nearly retraced 61.8% of its previous impulse move and is now showing signs of reversal. The daily momentum indicator has turned bullish. Once the pair closes above the 40DEMA which is currently pegged at 88.19, the bulls will be back in action. The wave counts suggest that EURINR is in wave 5 and within wave 5, wave II looks complete, and wave III should possibly start. As wave III unfolds, EURINR can rise higher towards 93.05 where wave III and wave I will be equal. On the way down, the recent low of 87.47 will be a crucial support level to watch out for.