eurinr forecast for next week 1 to 5 jul 2013

eurinr forecast for next week 1 to 5 jul 2013

 

eurinr daily chart technical analysis

eurinr spot pair last closed at 77.38 with loss.on daily chart euro trend is bullish while momentum is down as correction going on.

on upside,78.05 is week average and remain as immediate resistance while for now euro is topped out at 79.on downside below week average,76.65 is month average and 74 is 3 month average and last short term support.

on indicators,cci and rsi both off the high and forming corrective patterns.

 

eurinr weekly chart technical analysis

eurinr pair this week closed with loss.this was first week of loss after last 5 straight weeks of gains for euro.on weekly chart 79 is major top for now while all major averages are way down in 73 to 69 range.

this week eurinr pair made high at 79.11 while low was 77.31.total almost 2 rupee volatility in week and profit booking in euro.on indicators side,cci is now coming off from overbought zones.and rsi also forming early corrective pattern?

eurinr forecast for next week 1 to 5 jul 2013

for next week,eurinr may continue to correct and below 78 traders can expect 76.5 and if that breaks then 74 as targets.fresh buying suggested above 78.5 on closing basis.

from medium to long term view euro look like topped out at 79 and next 3-4 weeks we may see correction and consolidation and rally was sharp.if rupee fundamental improves then level upto 72 also possible in long terms.

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