Euro rupee future Jan. 2017 forecast

Euro rupee future Jan. 2017 forecast

Eur inr future below 71.95 remain sell targets 70.4-69

Euro rupee future this week closed at 71.9 with gain. This was second weekly gain for euro against rupee.   Euro rupee future closed just below major hurdle of 71.95. Euro is in recovery phase and coming off the lows of 70.5 rupee which we saw in December 2016. But outlook still bearish. Below 71.95 on daily closing basis, euro rupee future will remain absolute sell for targets of 70.4 and then 69.02 in January series.   If given breakout above 71.95 on daily closing basis with strong price action and on volumes then expect trend change and upside for euro. On upside 73.3 and then 74.85 are monthly resistances as well as target zones for euro if uptrend starts.   Eur rupee weekly chart is suggesting bottomed out process and strong recovery up to 73.35 to 76.1 in medium to longer terms.

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Pramod Baviskar

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