EURINR technical analysis for 19 to 23 May 2014
EURINR daily chart technical analysis
EURINR spot on last trading session closed at 80.18 with loss. On daily chart, euro is in strong downtrend but in oversold state against Indian rupee. Euro is trading below all short-term averages with bearish patterns on indicators. For next week, EURINR will have supports at 80 and 79 rupee while on upside 81.3 and 82.65 are strong resistances. 81.3 is week average and 82.65 is 1-month average level. 83.4 is 3-month average and major resistance from short-term view. Indicators are with bearish patterns but oversold so expect technical short covering in near future.
Traders here use sub 80-rupee levels for buying with strict stop loss and expect bounce back up to 81 to 81.5 rupees.
EURINR weekly chart technical analysis
EURINR spot this week closed with huge loss and fresh downside breakout below its 12-month average. This was third losing week for euro. This week EURINR hit high at 82.57 while low was at 80.15. Total almost 2.5-rupee range and closed with huge loss. Euro is now trading below 6 and 12 month averages and heading towards 24-month average. From medium to long-term view, euro now has resistances at 81.5 and 83.25 while on downside 77.6 and 73 rupee are support zones. Weekly chart indicators patterns are bearish and heading lower in oversold zone.
In upcoming weeks to months, expect downside for euro and it may test its 2 years average. If euro gives weekly closing below 77.5 on price action and volume then expect deep downside for euro up to 72 to 70 rupees in longer terms.