Eur inr weekly-below 72.4 might continue to correct

Euro rupee future weekly technical analysis report for 29
may to 2 June 2017

Eur inr future this week closed at 72.23 with flat loss. Strong
rupee and profit booking eroded pair from 73.1 high and closed in red for week.
This week we saw almost 1 rupee range and negative closing on profit booking. Weekly
chart showing fresh topped out pattern and very bearish from long term view.
Euro rupee future price trend is bullish and coming off from
overbought zones. On downside euro rupee currency future has strong support at 71.95
and then 71.35 zone and these will be short term targets for next week if
remain below 72.4.

From long term view, euro rupee future hit 2017 bearish
target of 68.7 and now taken support at that level and was bouncing back
towards 73.3 resistance zone but now look like resumed downtrend and heading
lower towards 69 zone.

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