eurinr weekly forecast for 13 to 17 may 2013

eurinr daily chart technical outlook

eurinr spot pair or euro against rupee closed at 71.15 in last trading session with gains.on daily chart euro given bullish break out and entered bullish trend while momentum also building for it.

on chart,eurinr weekly average is 70.9 and first support on downside.below that 70.8 is 3 month average and major short term support while 70.7 is month average and last support on downside.on upside 71.5 and 72.5 are previous tops and major resistance zone for next week.on indicators eurinr 22days cci is +70 and with bullish divergence and 22 days rsi is 56 and with buy signal on chart.

 

eurinr weekly chart technical outlook

eurinr currency pair this week closed with gains.this week low was 70.5 while high was 71.41 so total 1 rupee move and strong euro against rupee.now trading above all major averages and with strong uptrend.

after taking support of 12 month average moving towards top.on chart eurinr 6 month average is 70.8 and first support on downside on weekly closing basis.below that 70 is 12 month average and 68.5 is 2 years average and last support of eurinr bull market.on indicators eurinr 22 weeks rsi is –31 and off the lows suggesting upcoming rally.while rsi moving above 50 with bullish divergence.

eurinr weekly forecast for 13 to 17 may 2013

for next week above 70.7 on closing basis hold buy on dips strategy and expect 71.5 and then 72.5 as short term targets on upside.below 70.7 trend will change on bearish side and rupee continue to gain.

from medium to long term view follow buy on dips strategy and buy near 68-69 zone and investment and expect 72 to 75 levels as medium to long term targets.euro showing heavy gains after every deep correction against rupee.

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Pramod Baviskar

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