eurinr forecast for 6 to 10 may 2013

eurinr daily chart forecast

eurinr spot or rupee against euro last closed at 70.5 with gains.on daily chart eurinr trend is down but on stronger euro showing consolidation and recovery moves.

on chart,70.52 is weekly average and immediate resistance on upside.above that 70.6 is month average and 70.8 is 3 month average.and major resistances from short term view.on downside 70.2 and 69.5 are previous bottoms support zones.on indicators euro rupee daily cci level is –72 and with bearish divergence while daily rsi is at 48 and heading for breakout?

eurinr weekly chart forecast

eurinr pair this week closed with loss at 70.5.on weekly chart showing consolidation phase after recovery from lower levels.on chart 70.8 is 6 month average and first major resistance on upside.on downside 70 is 12 month average and first major support from medium term view.while 68.45 is 2 years average and last support for euro from long term view.

on indicators,eurinr weekly cci level is –74 and with bearish divergence.while eurinr weekly rsi is at 48 and with bearish divergence.

eurinr forecast for 6 to 10 may 2013

for next week,euro rupee below 70.8 remain sell on rise and as rupee getting strength we may see 70 to 69.5 levels again.if closed above 70.8 and sustain then must exit all shorts and take long view.

from medium to long term view may remain in consolidation and correction phase as rupee getting strength.but reversal from 70 or 68.45 zone may result in golden investment opportunity in euro so watch for that.

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Pramod Baviskar

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