eur inr daily chart analysis
eur inr on daily chart showing sharp cut in fridays trading session and closed at 71.5.on chart euro inr now closed below weekly and monthly average while still holding 3 month average levels.
weekly average of 72.21 and monthly average of 72.05 remain strong short term resistances while on downside 71.22 is final sort term support and 3 month average level.
eur inr daily cci is –68 and with bearish divergence while daily rsi is 46 and with bearish divergence.this shows short term momentum for euro is bearish and fall may continue in next week.
short term traders watch 71.22 on closing basis if slips below that then go short for targets of 70 to 69.4.if holds 71.22 level on closing basis and shows reversal sign then for for target 72 to 72.2 on upside.
eur inr weekly chart analysis
eur inr pair this week closed with heavy losses on stronger rupee.this week high was 73.38 while low was 71.48 so 1.90 rupee movement from top to bottom.which comes around 2 to 2.5%.
fro medium to long term euro still strong and what we seen is technical correction.on weekly chart 6 month average is 70.35 and first support on downside.
then 69.16 is 12 month average and 67.51 is 2 years average level.
eur inr weekly cci is +109 and showing some bearish signs while eur inr weekly rsi still above 50.so momentum is on correction side but not bearish yet.
so for medium term traders and investors if reversal signal comes then go long near supports.
eur inr weekly forecast for 21 to 25 Jan 2013
from short term perspective,trend remain up till it hold 71.22.if close below that then go short for targets of 70 to 69.4.
if hold then rally will continue and euro may show 72 to 72.1 on upside in next week.