eurinr forecast for 17 to 21 june 2013

eurinr daily chart technical analysis

eurinr spot pair on last trading session closed at 76.66 with heavy loss.on daily chart euro is strong uptrend and hit fresh highs on daily chart.but indicators are in overbought zones.

on chart eurinr week average is 76.75 and now resistance on upside while clear top is seen at 77.1.while on downside 74.35 is month average and 72.5 is 3 month average.

on daily chart eurinr indicators,cci is +120 and off the high and forming bearish divergence on account on correction.rsi is at 71 and off the high on correction.

 

eurinr weekly chart technical analysis

eurinr this week closed with gains and hit new highs from long term view.in last 4 weeks or 1 month period we seen 7 rupee gains for euro.this week eur inr pair made high at 78.15 while low was 75.41.total almost 3 rupee run and closed with gains.

on weekly chart major averages are way down at 71.8 to 69 range while temp top is seen at 78.on weekly chart eurinr cci is heavily overbought and at +415 with bullish divergences while rsi is at 63 with same.

eurinr forecast for 17 to 21 june 2013

for next week,euro rupee pair made show some correction if trade below 76.8 but above this must take long call for again 78 to 79 levels in very short terms.as euro still holding against dollar we may see outperformance here.

from medium to long term view 76 is achieved and heading towards 80-81 levels.here now expect some correction and consolidation here.and keep 75-76 area as support zone in mind for now.for rupee fundamental worsen may trigger sharp short covering and may show 80-81 levels in no time.

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Pramod Baviskar

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