euro rupee daily chart technical analysis
euro rupee or eurinr spot currency pair last closed at 85.91 with loss.on daily chart euro closed just above month average support of 85.4.on upside 87-89 and 92 are major resistance point from short term view.87 is week average while on downside 81.4 is euro rupee 3 month average and last support from short term view.
on indicators,euro rupee cci is +21 and with bearish divergence.rsi is at 56 and heading towards support levels.
euro rupee weekly chart technical analysis
euro rupee this week closed in red on account of sharp correction.this week eurinr pair made high near 90 while low was near 85.so total almost 5 rupee week downside from top and heading towards major average for support.
on weekly chart euro rupee major average are spread in 72-78 zone.in between 82 and 85 are small supports on weekly chart.
on indicators,eurinr cci is +173 and off the highs while rsi is at 73 and showing signs of upcoming correction.
euro rupee forecast for 9 to 13 sep 2013
for next week,below 87 traders can keep short view and expect targets near 81-82 on downside.any closing above 87 may trigger sharp short covering in this pair and strong euro buying.hence 87 is strict stoploss for all short sellers.with improving fundamentals may show 79 on downside in medium terms.
from long term view,as rally started from 72 to hit high of 92.almost 20 rupee run and so any sharp correction will be 2/3 correction of rally so 79-80 levels will be ultimate target of this correction.on weekly chart 88 is clear top and below that keep shorting view from long term view.