EUR INR co-relation with US Dollar Index
As you see in the chart, EUR/INR price has -ve co-relation with US Dollar Index movement. This means that when there is sharp movement seen in US Dollar index, the reverse movement happens in EUR/INR. Although there are many factors that affect currency movements but this indicator is very helpful to estimate medium-long term direction of the currency pair. However, it doesn't mean that EUR/INR does exactly opposite to US Dollar index every day. It just means that over medium to long term it goes in the opposite direction to US Dollar Index.
Currently, US Dollar index looks very strong as it broke a long term resistance zone. However, it has reached another strong resistance zone (97-98 level) and is expected to take a pause around these levels or maybe correct to 94-95 levels before resuming upward journey. This means, the steep fall that we saw in EUR/INR recently can at least pause for a while or we may see some rebound happening back to 85 levels before EUR/INR resumes its downtrend towards 81-82 levels.
This is not a trading idea but it is relevant for people who want to transfer EUR to INR or vice versa so that that they can make an informed choice when to transfer.
Currently, US Dollar index looks very strong as it broke a long term resistance zone. However, it has reached another strong resistance zone (97-98 level) and is expected to take a pause around these levels or maybe correct to 94-95 levels before resuming upward journey. This means, the steep fall that we saw in EUR/INR recently can at least pause for a while or we may see some rebound happening back to 85 levels before EUR/INR resumes its downtrend towards 81-82 levels.
This is not a trading idea but it is relevant for people who want to transfer EUR to INR or vice versa so that that they can make an informed choice when to transfer.
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