EURINR weekly tips 12 to 16 may 2014
EURINR daily chart technical analysis
Euro rupee pair on last trading session closed at 82.44 with loss. On daily chart euro is in downtrend against Indian rupee. Prices are trading below short term averages with bearish indicators pattern. On upside 83.35 is 1 month average and 83.75 is 3 month average. On downside, 82 and 81 are strong support zones as well as targets if trend continues. Indicators are bearish but oversold so bounce back is due.
Traders here keep buy on dips view with strict stop loss below 81.5 and expect technical short covering up to 83.75 in next week.
EURINR weekly chart technical analysis
Euro rupee pair this week closed with huge loss. This was second week of loss for euro against rupee. This week eur inr hit high at 83.8 while low was at 82.3. Total 1.5 rupee or almost 2% weekly swing and closed with huge loss. Weekly chart price trend is bullish but momentum is clearly weak. Euro is trading below 6-month average and heading towards 12-month average to test it. On upside 83.5 and 85 are strong resistances while on downside 81.5 and 77.5 are strong support zones. 81.5 is 12-month average and 77.5 is 24-month average. Weekly chart indicators pattern is bearish.
Investors above 81.55 keep buy on dips view with strict stop loss below 81 for targets 83.5 and above in upcoming weeks.