EUR INR forecast 9 to 13 June 2014

EUR INR forecast 9 to 13 June 2014

EUR INR daily chart technical analysis

EUR INR spot on last trading session closed at 80.51 with loss. On daily chart, euro is in downtrend against rupee. After bounce back facing supply from market at 1-month average level and showing consolidation below it. For next week, euro may continue its bounce back run and may touch its 3-month average level. From short-term view, 81 is first resistance of its 1-month average and 82.25 will be next resistance of its 3-month average. On downside, 80 rupees and 79.5 rupees are strong support zones. Daily chart indicators patterns are bullish and suggesting recovery for euro in upcoming week.

EUR INR weekly chart technical analysis

EUR INR spot this week closed with loss. This week euro hit high at 80.96 while low was at 79.91. Total 1 Rupee range or 1.5% volatility and closed with loss on profit booking. Euro on weekly chart still in long-term uptrend against rupee but with bearish momentum as continue profit booking was seen from investors. On downside 77.7 is 2 years average level and major long-term support and below it 74 will be next strong support zone. On upside, 81.4 is 12-month average, 82.6 is 6-month average, and both will be serve as strong supply zones for upcoming weeks. Investors above 77.7 use major decline to buy and accumulate.

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