Eur inr weekly-heading for major support testing at 71.9

Euro rupee future weekly technical analysis report for 12 June to 16 June 2017

Eur inr future this week closed at 72.06 with loss. After last week gains euro seen profit booking near 73 zone and heading towards 71.9 support to test it.

This week we saw almost 1 rupee range and negative closing on profit booking in euro and strong rupee pushing it to lower levels. Weekly chart showing fresh topped out pattern and very bearish from long term view.

Euro rupee future price trend above 71.9 remain bullish but if breakdown below 71.9 on daily closing basis then it will be fresh sell signal for positional bearish targets of 70.8 and then 68.9. Reversal from 71.9 will be best buying opportunity for target 73.8. Daily chart price as well as indicators patterns are bearish and suggesting breakdown in next week.

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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Pramod Baviskar

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