euro rupee forecast for 16 to 20 sep 2013

euro rupee forecast for 16 to 20 sep 2013

euro rupee daily chart technical analysis

euro rupee spot pair last closed at 84.2 with loss.on daily chart eur/inr pair trend still bullish but momentum is clearly on bearish side.

on daily chart on downside 81.9 is 3 month average and strong support.on upside 84.8 is week average and 85.2 is month average and will act as strong resistance.above that 88-92 also remain as strong supply zones.

on indicators,euro rupee daily chart rsi level is 52 and with bearish divergence while cci level is –65 and with bearish divergence.


euro rupee weekly chart technical analysis

euro rupee future this week closed with loss.this was second week of loss and in these 2 weeks rupee rallied from 90 to 84 levels almost 7%+ rally.

on weekly chart euro showing correction rally and heading towards major support levels.on downside 78 is 6 month average,75 is 12 month average and 71.75 is 2 years average.on upside 88 is clear top and remain as long term resistance zone for now.

on indicators,euro rupee weekly chart cci level is +122 and with bearish divergence while rsi is at 68 and off the highs.

euro rupee forecast for 16 to 20 sep 2013

euro rupee for next week,below 85.5 remain bearish and continue correction upto downside support 82 and even below.if breaks 82 and sustain below it then expect strong rupee rally and lower tops and bottom cycle for euro.

from medium to long term view,euro going through sharp correction rally and may touch support zones on downside.78-76 is zone to watch and for now remain as target zone for this correction rally.weekly closing above 88 means uptrend resumed for euro and new high is possible.

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Pramod Baviskar

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