Eur inr weekly-heading toward targets 74.9 and 76.25

Eur inr weekly-heading toward targets 74.9 and 76.25 Eur rupee weekly technical analysis 7 to 11 November 2016 Eur inr future this week closed with gain at 74.18. This week we almost saw 1 rupee or 1.5% gains for euro against rupee. In last 2 weeks euro rallied from lows of 72.7 to high near 74.5. Euro rupee future given bullish breakout at 73.8 and heading towards my targets 74.9 and then 76.25. We already saw high near 74.5 this week. Daily chart indicators are approaching oversold zones so traders keep strict stop loss for long positions.   Positional currency traders above 73.8 keep buy and accumulate view on eur inr future with stop loss below 73.5 for target 74.9 and above 74.9 expect upside up to 76.25.   From long term view, euro rupee pair looking strong bullish and this fresh reversal above 72 rupee suggesting target of 78 in longer terms.

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Pramod Baviskar

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