euro rupee daily chart technical analysis
euro dollar spot pair last closed at 78.7 with gains.on daily chart euro is strong against rupee and in absolute uptrend with heavy buying demand momentum.
on chart eurinr week average is 78.05 and first support on downside.then 75.54 is month average while 73.2 is 3 month average and last support from short term view.on upside 79 is clear top and major supply zone for now.
on daily chart eur inr rsi is at 73 and still with bullish divergence wile cci is +121 and off the highs.
euro rupee weekly chart technical analysis
euro rupee spot pair this week closed with huge gains.this was 5th week of sharp gains and in these 5 weeks timeframe euro moved from 71 to 79 which is 8 rupee move or 11% drop in rupee in very short time against euro.
this week euro rupee pair made low at 76.26 which was this week open also while high was 79.26.total 3 rupee week range or almost 5% rally from opening!!all major average are way down as rally was sharp.on downside 72.28 is 6 month average,71 is 12 month average and 69.2 is 2 years average and last support.
on weekly chart,eur inr cci is +376 and heavily overbought while rsi is at 67 and still with bullish divergence.
euro rupee forecast for 24 to 28 june 2013
for next week,79 remain as supply zone or resistances and below that may show correction upto 75-76 range.deeper correction may show up 73 level but close below 73 then short term trend will change on bears side.expect euro correction upto month average and then uptrend will resume for fresh rally?as indicators need to cool off.
from medium to long term view,rally was sharp and if correction comes then it will be also sharp as rally so investors must keep tight stoplosses in long positions to protect profits.on upside 79 and 82.5 are still target zone while 75-76 is support zone on downside.averages support is way down at 70-71 range.