EURINR daily chart analysis
eurinr spot pair closed at 72.31 with loss on last trading session.on daily candlestick chart we can see that euro slipped below weekly average of 72.4 while still trading above monthly average of 71.68 and 3 month average of 70.66.
on indicators side eurinr daily cci is +85.68 while rsi is 59 and both showing signs of upcoming correction.
if dollar index spikes up and euro fall against dollar then here may show correction upto 71.68.that time buying will be done.
euro is near all time high against rupee and every correction above 3 month average is buying opportunity.on upside on reversal targets will be 72.9 and then 74.
EURINR weekly chart analysis
eurinr pair on weekly chart looks in bull market and making new highs in every quarter.in dec after taking support at 6 month average made all time high of 72.9+ and going for huge monthly gains.
on downside 69.9 is 6month average and first medium to long term support.while indicators cci is at +183 with bullish divergence but overbought and rsi si 60 with bullish divergence.
below 71.9 targets of 70 are possible on correction but as trend and momentum still bullish traders and investors must follow buy on dips strategy for euro.
EURINR weekly outlook for 31 dec to 4 jan 2013
in short term view 71.68 is support zone and correction may take euro upto that level.fresh entry point will be 71.5 to 71.7 with upside target of 72.9+
medium to long term traders above 69.9 follow buy on dips or accumulation strategy for target of 72.9 to 74 in medium to long term view.on extreme situation for euro on crisis weekly closing below 70 may take euro upto 68-67.