EURINR weekly forecast 27 to 31 Jan 2014

eurinr daily chart

EURINR daily chart technical analysis

Euro Vs. rupee spot rate on last trading session closed with gain as rupee tumbles on outflow. Last closing price was at 85.68. On daily chart EURINR pair trend and momentum both bullish and after breakout at 84.2 we seen sharp rally and highs of 86 on upside. On downside, 84.6 and 84.4 are strong short-term support zones as well as stop loss for long positions. While on upside 86 and then 88 are target as well as strong resistances for next week. Indicators are Heading towards overbought zone but momentum is strong bullish so expect another upside targets in next week.

eurinr weekly chart

EURINR weekly chart technical analysis

EURINR pair this week closed with gain. This week euro hit low at 83.21 while high was at total almost 3-rupee rally in week for euro and closed near high. On weekly chart, euro had taken support of its 6-month average level, which is very bullish sign and buy signal for medium term traders. On upside 88 and 92 are strong resistances for medium to long-term view and those levels are also targets if euro holds 83 on weekly closing basis.

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Pramod Baviskar

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