eurinr daily chart technical analysis
eurinr or euro against rupee spot pair last closed at 72.11 with gains.on daily chart euro trend is bullish while momentum reached at overbought zone.
on chart eurinr trading way above all short term averages.euro rupee week average is 71.64 and first support on downside.71.02 is month average and 70.9 is 3 month average and last support from short term view.on upside 72.5-72.6 is only resistance zone from short term view.
on indicators,cci is +278 and in overbought zone while rsi holding bullish momentum.our given 71.5 and 72 both targets achieved in this week.
eurinr weekly chart technical analysis
eurinr pair this week closed with sharp gains as rupee tumbled comparative to euro and closed with breakout.on weekly chart trading above all medium to long term averages and heading towards previous highs.this week euro rupee pair made low at 70.39 while high was 72.2 total almost 2 rupee move and near our given target of 72.5.
for upside next major resistance as well as target will be 73.5.on downside 70.9 is 6 month average and 70.15 is 12 month average level.in last 68.61 is 2 years average and last long term support level for euro against rupee.
on weekly chart indicators, cci is +26 and showing patterns for upcoming big rally in eurinr?rsi is at 54 with bullish divergence.
eurinr forecasts for 27 to 31 may 2013
for next week expect rally to continue as rupee tumbling.above 71 level hold buy on dips view and keep target at 72.5 and then 73.our given target of 72.5 is almost achieved in this wee as hit high at 71.2.re-enter on correction only.
from medium to long term view,here we see sharp run and expect new high may be in next 4-6 weeks time frame.on upside 73.5 is only resistance remaining if takes out we may see 75-76 very fast.on downside 70 is base for investors and also re-entry point on correction.