EUR INR trend analysis 26 to 30 May 2014

EUR INR trend analysis 26 to 30 May 2014

EUR INR daily chart technical analysis

EUR INR spot on last trading session closed at 79.7 with flat gains. On daily chart, euro is in absolute downtrend and trading at fresh low against Indian rupee on sharp sell off. For next week, euro rupee spot support zones are 79.5 and 78 rupees while on upside 81.6 is 1 month average and first major resistance and 82.8 is 3 month average and next resistance zone. Daily chart indicators are in oversold zones but off the lows suggesting short covering ahead.

Traders for next week keep contra view and follow buy on dips view but with strict risk based stop loss and expect technical short covering rally up to 81.5 rupees.

EUR INR weekly chart technical analysis

EUR INR spot this week closed with loss. This was forth losing week for euro and in these four weeks euro tumbled from highs of 84 rupee to lows of 78 rupees. On weekly chart, euro is heading towards its 2 years average level with bearish and oversold indicators patterns. From medium to long-term view, euro now has support at 77.5 and 73 rupees. 77.5 is its 2 years average level. On upside 81.5 is 12 month average and 81.5 is 6 month averages and strong resistance zones. As weekly chart, indicators are oversold and euro approaching its 2 years average level. Expect euro might take support at 2 years average level and give a strong upswing so investors must for this reversal signal and encash it with buying and accumulation strategy.

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Pramod Baviskar

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