EUR to INR forecast daily chart technical analysis
EUR to INR spot pair on last trading session closed at 82.29 with loss. On daily chart price trend and momentum is very bearish for euro. For next week EUR to INR pair support zones are 82 and 81.4 while on upside resistances are 84.1, which is 1-month average level, and then 84.5, which is 3-month average level.
Daily chart indicators patterns are bearish but in oversold states. Traders below 83 keep short view but downside is limited and we may see sharp covering from oversold zone. 83 is trailing stop loss for short sellers.
EUR to INR forecast weekly chart technical analysis
EUR to INR spot pair this week closed with huge loss as rupee rallies against all major currencies. Euro is now trading below its 6-month average and heading towards 12 and 24-month average levels.
This week EUR to INR pair hit high at 84.23 while low was at 82.06. Total 2.2 rupee or almost 3% swing in week and closed with deep losses. This was 4th losing week for euro and in these 4 weeks tumbled from 85.5 to 82 rupee.
From medium to long-term view, 83.65 is first resistance on weekly chart, which is its 6-month average, and above it, 86 will be next resistance zone. On downside 81.15 is first support as well as its 12-month average. Below it 76.85 is 24-month average and last long-term support for euro.
Weekly chart indicators patterns are very bearish but in oversold state so technical bounce back is due ahead.