Euro-rupee 2017-remain weak below 73.3 resistance tgts 69-66

Euro rupee future 2017 year technical analysis

Euro rupee future 2017 year technical analysis

Eur inr future this week closed with gain at 72.72. This was third weekly gains for euro after weak opening in 2017. In these 3 weeks euro recovered from low of 70.7 to highs of 72.8. Total 2.1 rupee or almost 3% gains from bottom.   For 2017, euro technically looking weak against rupee and might continue downtrend after bounce back is complete. On upside 73.35 is major resistance level and target zone for current recovery move. Below 73.35 on weekly closing basis eurinr future will remain weak and sell on rise for long terms. On downside my targets are 69 and 66 for this year. Weekly closing below 66 means super bearish euro and sell off rally up to 61 to 58 rupees.   Eur inr weekly chart indicators are oversold and suggesting bottomed out pattern but price pattern as still bearish on longer term charts and also fundamentals are weak too. If eur inr future given breakout above 73.35 on weekly closing basis with strong price action and on volumes then that will be long term trend change for euro and trend reversal targets will be 76 and 80.8.

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