EUR INR weekly tips 14 to 18 April 2014
EUR INR daily chart technical analysis
EUR INR spot on last trading session closed at 83.49 with gain. On daily chart euro is in downtrend against Indian rupee but recovery from lows on profit booking from short sellers. Euro is still trading below 3-month average but with strong recovery pattern. For next week, euro-rupee support zones are 82.5 and 81.6 while on upside 84 is 3-month average and major resistance while 85.2 will be next resistance of previous swing high.
Traders below 84 keep short view, as this is only technical bounce back and may fizzle out ahead.
EUR INR weekly chart technical analysis
EUR INR spot this week closed with gain. On weekly chart euro has taken support just above its 12-month average and now trading at 6-month average level. Weekly chart price trend and momentum both are bullish.
From medium to long term view, 81.3 is 12 month average level and first major support on weekly chart below it 77 is 2 years average level and last long term support for euro against rupee. On upside 83.55 is 6 month average and first resistance and above it 85.5 will be next major resistance zone.
Weekly chart indicators are bearish and in oversold zones suggesting bounce back ahead.
Investors above 81 keep long view follow buy on major dips strategy.