EUR INR weekly outlook 7 to 11 April 2014
EUR INR daily chart technical analysis
Euro rupee spot on last trading session closed at 82.23. On daily chart euro is in downtrend against Indian rupee and trading at fresh short-term low.
On chart, 82 and 81.1 are support zones for euro while on upside 83.5 is first resistance as well as 1 month average. Above it 84.2 is 3-month average and next major resistance level.
On indicators and oscillators, CCI is -115 and off the lows. RSI is 30 and hovering near oversold zone.
Technically euro is oversold state against Indian rupee and short covering expected ahead. Above 81.1 use correction to buy and accumulate with strict stop loss and expect minimum bounce back up to 83.
EUR INR weekly chart technical analysis
Euro rupee spot this week closed with loss. This was sixth losing week for euro vs. rupee and in these 6 week euro tumbled by 4 rupee. This week euro hit high at 82.95 while low was at 81.92. Total 1 rupee or 1% plus swing and correction phase continues with another negative closing. Euro is still above its 12-month average and in oversold state.
From medium to long term view, 81.2 is first major support as well as 12 month average and 77 is next major support as well as 2 years average level. On upside 83.8 is first resistance as well as 6-month average level. Above it 85.5 is previous top swing high.
CCI is -315 and heavily oversold while RSI is 43 and with bearish divergence.
Investors above 81-rupee level use correction to buy with stop loss for target 83 to 85.5 in longer terms. Technical short covering is expected as indicators suggest heavily oversold state.