euro rupee forecast for 23 to 27 sep 2013


euro rupee daily chart technical analysis

euro rupee spot pair last closed at 84.13 flat on last trading session.on daily chart euro trading below week and month average but still holding 3 month average.

on downside 82.2 is 3month average for euro rupee and first support below that trend will change downside.on upside 84.3 is week average and first resistance and then 84.85 is month average second resistance on daily chart.

on indicators,euro rupee daily chart cci level is –94 and near oversold zone while rsi level is at 51 and holding major support.


euro rupee weekly chart technical analysis

euro rupee pair this week closed with loss.this was 3rd week of correction and in these 3 weeks euro rupee tumbled from 92 to 84.

this week euro rupee made high near 86 while low was near 83.41.on upside 86 and 90 will remain as resistances on weekly chart while on downside 78.6 is 6 month average and first support.below that 75.25 is 12 month average and 71.98 is 2 years average and both remain as strong supports.

on weekly chart,euro rupee cci level is +109 and came down from highs and forming bearish pattern.while rsi level is at 68 and showing correction pattern.

euro rupee forecast for 23 to 27 sep 2013

for next week,above 82 keep buy on dips view and expect target of 85-86.if close below 82 and sustain then must open shorts for targets upto 78 with short term view.

from medium to long term view,euro rupee pair entered in correction phase and expect this may continue upto 76-78 levels.on upside 88-90 is remain major supply zone and below that expect correction phase will continue for given targets.

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Pramod Baviskar

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