EUR INR weekly forecast report
EUR INR daily chart analysis
eurinr spot currency pair last closing was 71.74 with huge gains.on chart we can see that euro turned up just after taking support at 3 month average and now trading above monthly and weekly average in single session.
on chart eurinr weekly average level is 71.72 then monthly average is 71.66 and in last 70.79 is 3 month average.all these level now act as supports and fresh buying suggested near then only.
on upside 72.5 and 73 are target levels and major resistances or supply zones also.
on indicators side,eurinr daily cci is –15 and turning back on last sharp reversal move.while eurinr daily rsi turned back from 50 and now 52 and this is buy signal on chart.
EUR INR weekly chart analysis
eurinr currency pair this week closed at 71.74 with losses.on weekly chart we can see that euro after hitting new high near 73 slips down on profit booking.
on weekly chart 72.6 is new top and resistance zone while here supports are deep down.
eurinr 6 month average level is 70.03 below that 12 month average level is 68.91 and in last 2 years average is 67.35.all these are major long term support and fresh investing zones.as euro trading above all major average,it long term trend still bullish against rupee.
on indicators side,eurinr weekly cci level is +109 and with bearish divergence while weekly rsi is 57 and showing signs of correction.so momentum turning down on profit booking here.
as momentum is turning down,traders can investors must wait for reversal signals to take longs while those has short positions they can trail it stoploss to cap the profit.
EUR INR weekly outlook for 7 to 11 jan 2013
eurinr short term view is bullish and above 70.8 traders must follow buy on dips strategy for targets of 72.5 to 73.weak rupee and weak euro may make situation complicated and volatile.
medium to long term traders and investors must book profits in long positions in euro and those created shorts at top must trail with stoploss.on downside 70 is support and if euro remain weak then this level may come on correction pressure.any major reversal may set upside targets at 73 to 75 in longer perspective.