EURINR daily chart analysis
Euro rupee spot on last trading session closed at 84.64 with loss. On daily chart euro is consolidating near its major short-term support and moving in very narrow range, though trend is still bullish for euro against rupee. 84.5 is eur/inr 3-month average zone and remain as trend support.
For next week, euro rupee spot major support zones are 84.5 and 83.4 while on upside expect strong supply from market at 84.9 and them 86.5. Traders above 84.5 keep long view for euro and stay long in EURINR future.
EURINR weekly chart analysis
Euro rupee spot this week closed with gain. This week EURINR low was at 83.8 while high was at 85.36. Total 1.7 rupee or 2% range in week and closed with gains. On weekly chart, EURINR trend and momentum still intact on bull side. EURINR is showing consolidation near its 6-month average before next big move.
On chart, 83.3 is EURINR 6 month average and below that 80.4 is 12 month average level both will be remain as strong support zones from medium to long term view. On upside expect strong resistance at 86 and 88.
For swing traders and investors 86-88 levels still are as target zones.