Eur inr hit target 71.65 heading for 70.2 level

NSE euro rupee future technical analysis

NSE euro rupee future technical analysis

Eur inr future in last trading session closed with heavy loss. As dollar spike to historic highs in international forex market we saw sharp selloff in euro in there. Despite weak rupee, euro seen sharp gap down opening and continues selling in domestic market.   Technically euro is in downtrend against rupee and we saw breakdown at 73.7 rupee level. On downside 71.65 was my first positional bearish target which got achieved. Then euro tried to bounce back but fresh selling momentum hit euro hard and given fresh breakdown and heading for 70.2 rupee level which is last support for month of December and next target zone.   Below 70.2, euro rupee future will enter super bearish zone and might hit lower levels up to 68.15 to 66.7. Euro rupee future technically oversold but this fresh bearish momentum is has its targets way down.   From long term view, euro rupee is looking very bearish and given breakdown below 72 rupee. On downside 66.7 is my first target zones for euro if sustain below 72 rupee on monthly closing basis.

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Pramod Baviskar

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