EUR INR daily chart technical analysis for 24 to 28 February 2014
EUR INR spot on last trading session closed at 85.24 flat. On daily chart, euro-rupee spot trends and momentum both are bullish. Prices are trading above all short-term averages and heading towards top. Daily chart indicators are also above support with mixed patterns.
For next week, EUR/INR outlook is bullish. On downside, 84.9 and 84.5 are strong support zones. While on upside 85.7 and then 86.6 are strong resistances as well as target zones for next week.
Short-term currency traders, above 84.5 keep buy on dips view with strict stop loss in place and expect upside targets as given above.
EUR INR weekly chart technical analysis for 24 to 28 February 2014
EUR INR spot this week closed with gain. This week euro-rupee low was at 84.62 while high was at 85.88. Total 1.5 rupee or almost 2% weekly volatility and closed with gain. On weekly char, price trend and momentum is strong bullish. Euro is still trading above all medium to long-term averages. Weekly indicators pattern are bullish and suggesting upside for euro in upcoming weeks.
For medium to long-term view, EUR/INR 6 month average of 83.5 is first support zone and below that 12-month average 80.5 is second long term support level. On upside 86 and 88 are strong weekly closing basis resistances and targets zones.
Investors and swing traders with strict stop loss below 83.5 keep buy on dips view for target 86 and then 88.