EUR INR predictions for 10-14 March 2014

EUR INR predictions, weekly forecast, price analysis, technical analysis,charts and tips for 10 to 14 March 2014.

EUR INR daily chart technical analysis

EUR INR spot on last trading session closed at 84.69 with gain. On daily chart, euro is in downtrend against Indian rupee. Euro rupee pair closed just below its 3-month average but daily chart indicators pattern suggesting recovery ahead.
For next week, euro rupee support zones are 84 and 83.4 while on upside 84.9 and 85.8 are strong resistance levels on chart. Indicators suggesting reversal rally so keep contra view and above 84 keep buy on dips view for targets 84.9 and 85.8 in short terms.

EUR INR weekly chart technical analysis

EUR INR spot this week closed with loss. On weekly chart euro still is in strong uptrend against rupee and still trading above all medium to long-term averages. Weekly chart indicators pattern are suggesting correction ahead on may be profit booking.
On downside 83.6 is euro rupee pair 6 month average level and any weekly closing below it means deep correction for euro up to 81 rupee. On upside 86 and 88 will remain as major resistances and still as medium to long term targets for pair.
Positional traders above 83.6 use correction as buying opportunity as euro in international market is heading towards fresh highs and that momentum can hold prices here above supports.

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Pramod Baviskar

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