EUR/INR-76.5 and 77.4 target done and then hit corrective target 76.5 Today

Euro rupee future is trading at 76.3 with loss for today. But this we saw sharp bull run in euro on account of weak dollar as well as brexit talks. We saw sharp run in euro against rupee on buying and euro September future hit my august swing targets of 76.5 and then 77.4, recorded high at 77.49 and today’s corrective move hit downside target of 76.5 once again. Now trading below 76.5 and might retrace towards 75 rupee levels in short to medium term while on upside 76.5 and 77 rupees will remain as strong hurdles on daily chart.

Euro rupee future for august 2017 opened strong and was holding above 75 rupee support zone with bullish outlook. And this week we saw achieved 76.5 and 77.4 rupee swing targets and on downside euro was testing 75 rupee support multiple time which was strong hands accumulation phase.

Daily chart set up showing, euro is in strong uptrend with strong bullish momentum. Euro rupee daily chart, prices are now below 5 days average of 76.46 while above 20 days average of 75.7 and 50 days average of 74.7 and off the highs. On this chart, RSI level is now 64 and with fresh sell signal and off the high of overbought zones. MACD is above zero with bullish crossover.

 

Euro rupee weekly chart setup showing, trend and momentum both are bullish. Prices are now way above 5 weeks average of 75.75. Below that, on downside 73.92 is 20 weeks average and 73.17 is 50 weeks average level support. On this chart, RSI is at 72 with fresh bearish divergence and entered overbought zones. Weekly MACD is with bullish crossover but showing early topped out patterns.

 

From long term view, euro rupee future hit 2017 bearish target of 68.7 and had taken support at that level and was bouncing back towards 73.3 resistance zone and given bullish breakout above it for long term targets 76 and 80.7 rupees. We saw euro achieved 76 target in last month and this month hit 77.49 high and was heading for my next investment target of 80.7 rupee.

In last 7 months, euro rupee future given 2 negative closing and then recovery rally and given 5 positive monthly closing. Euro made 2017 bottom at 68.2 and now heading higher with strong buying momentum. This month move was major reversal and turn positive after negative opening.

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Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.

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