EUR INR forecast 16 to 20 June 2014

EUR INR forecast 16 to 20 June 2014

EUR INR daily chart technical analysis

EUR INR spot on last trading session closed at 80.57 with gain. On daily chart, euro is in downtrend but with strong recovery patterns on price and indicators. Euro is closed just above its 1-month average and heading towards its 3-month average to test it. On downside, 80 rupee and 79.5 rupees will remain as support zones for euro while on upside 81.5 and 82 rupees are strong resistances. 82 rupee is EUR INR spot 3-month average and major resistance. Traders here with stop loss below 80 rupee keep long view for targets 81.5 and 82 in next week.

EUR INR weekly chart technical analysis

EUR INR spot this week closed with gain. This week euro hit high at 81.05 while low was at 79.93. Total 1.12 rupees weekly range or 1.5% volatility and closed with gain. Euro on weekly chart still in uptrend and now approaching its 12 and 6 month averages with reversal move. A temporary bottom is formed at 79.5 will remain as immediate support on downside and below it 77.8 will be 2 years average level and last support for euro on weekly chart. On upside 81.35 is 12 month average and 82.5 is 6 month average and both will be strong resistances. Weekly chart indicators are off the lows and suggesting recovery may continue ahead.

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