Euro rupee future this week closed at 76.55 with gain. This was first weekly gain for euro after previous 3 weeks flat consolidation and correction. This week euro rupee future hit low at 75.96 and high was 77.49, total 1.5 rupee range and strong closing on another buying wave. In last 3 weeks euro stuck in narrow range and this week we saw fresh rally continuation move.
Euro rupee weekly chart setup showing, trend and momentum both are bullish. Prices are above 5 weeks average of 75.75 rupee. On downside 73.9 is 20 weeks average and 73.15 is 50 weeks average level support. On this chart, RSI is at 71 with fresh bearish 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 heading for 77.4 and then possibly 78.7 rupee level. For this month euro above 76.2 will remain bullish and buy and accumulate for upside targets.
Daily chart set up showing, euro is in strong uptrend with strong bullish momentum. Euro rupee daily chart, prices taking multiple supports at 20 days average and moving away which is strong bullish sign and now trading above 5 days average level. On downside 75.8 is 20 days average level and below that 74.8 is 50 days average level and last support zone. On this chart, RSI level is now 60 and bullish. MACD is above zero but with bullish crossover.
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 heading higher towards 80.7 rupee.