EURINR forecast for week 21 to 25 April
EURINR daily chart technical analysis
EURINR spot on last trading session closed at 83.21 with loss. On daily chart, euro is downtrend against rupee with strong selling momentum. Euro is trading below major averages with mixed patterns on indicators. From short-term view, euro has supports at 82.5 and 81.7, which are previous swing lows. While on upside 83.4 is 1 month average and 83.95 is 3 month average and both will be strong resistances. Daily chart indicators and oscillators patterns are mixed but traders below 83.95 keep sell on rise view for euro and expect downside targets of 82.5 to 81.7 in short terms.
EURINR weekly chart technical analysis
EURINR spot this week closed with loss. On weekly chart euro is in uptrend against rupee but on profit booking momentum we are seeing downside and euro is testing major averages supports. Now trading below 6-month average and heading towards 12-months average to test it.
From medium to long-term view, euro now has supports at 81.35, which is 12-month average level, and below it 77.2 is 2 years average level and last long-term support on weekly chart. On upside 83.55 is 6-month average and first resistance on chart. Above it, 86 will be next major resistance on weekly chart, which was previous major swing top.
Investors here must book profits in euro or stay shorts in euro with weekly closing basis stop loss above 84.