EUR/INR forecast-next major resistance @78.7 rupee

Euro rupee future today closed at 76.91 with loss. In last trading session we saw euro hit high of 77.38 and almost hit my given first swing target of the month. Now retracing back towards support before moving upward and on downside 76.8 is 5 days average support and below that 76.25 is 20 days average level and next major support level. Above 76.2, euro will remain strong against rupee and remain buy o major dips for targets 77.4 again and then 78.7 as next swing target or second swing target for trader.

Daily chart set up showing, euro is in strong uptrend with strong bullish momentum. Euro rupee daily chart, prices now around 5 days average level of 76.8 rupee. On downside 76.25 is 20 days average level and below that 75.25 is 50 days average level and last support zone. On this chart, RSI level is now 61 and flat. MACD is above zero but with bullish crossover.

 

Euro rupee weekly chart setup showing, trend and momentum both are bullish. Prices are above 5 weeks average of 76.4 rupee. On downside 74.45 is 20 weeks average and 73.45 is 50 weeks average level support. On this chart, RSI is at 71+ with bullish divergence. Weekly MACD is at 1 and with bullish crossover.

Euro rupee future for September 2017 opened strong and taken support at 76.2 rupee level and hit 77.4 and now correcting and consolidating before moving towards 78.7 rupee level. For this month euro above 76.2 will remain bullish and buy and accumulate for upside targets.

 

From long term view, euro rupee future in hit 2017 after weak opening hit bearish target of 68.7 and then taken support at that level and bounced back towards 73.3 resistance zone and given bullish breakout above it for long term targets 76 and 80.7 rupees. In august we saw euro achieved 76 rupee target and now heading for 80.7 rupee target level.

In last 7 months, euro rupee future given 2 negative closing and 5 are with gains. In month of august euro closed flat negative on profit booking but traded in 2.5 rupee range and achieved long term target of 76 rupee. Now opened strong for September and hit 77.4 high and above 76.2 support remain positive and buy for long term targets 78.7 and then 80.7 rupees.

 

The Author

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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