Euro rupee future in month of September, closed at 77.48 with gain. This was almost 6th gaining month for Euro rupee future and in these 6 months Euro rupee future rallied from low of 68.21 to high of 78.29 total 10 rupee gains from lows. In September, Euro rupee future hit high at 78.29 while recorded low of 76.17 and closed near high. Total almost 2 rupee month range and another strong closing for Euro future on strong buying.
For month of October, Euro rupee future above 77.3 will remain strong and bullish and trading strategy remain buy and accumulate with stop loss below 77 rupee. On upside Euro rupee future will have resistance as well as buy targets around 78.4 and then 79.4 for October series. If euro fails to hold 77.3 level then expect sharp profit booking and correction in October up to 76.3 to 75.2 rupee levels.
Daily and weekly chart price pattern is bullish but indicators and oscillators are with mixed signals so watch support and enter long if decisive moves comes with strong price action and on volumes.
For currency traders, Euro rupee future outlook above 77.3 remain strong bullish and trading strategy will remain buy and accumulate. On upside 78.4 is first target zone and then 79.4 will be next target level. If Euro rupee future breaks 77.3 and sustain then exit long and go short for corrective move up to 76.3 to 75.2 rupee level.