euro rupee march 2016 technical analysis report

eur inr march 2016 technical analysis report

EUR INR future technical analysis report for march 2016

euro rupee future this month trading with loss. On monthly chart, after last 3 months continues run showing signs of correction. Topped out pattern present on monthly chart with shooting start pattern of last month’s candle.   On chart, 72.5 to 73.7 is major support area and euro might test it in this month. Last month was highly volatile and we saw almost 10% range in that month. For month of March 2016, euro rupee future below 75.5 remain bearish or sell on rise. 75.5 is major resistance as well as pivotal levels for month. Below it sentiment remain bearish and above it expect buying as well as short covering rallies.   On downside targets are visible at 73 and then 71.2 in extreme situation. Reversal only happen if euro cross 75.5 and sustain above it. On upside 77 and 79 are strong resistance levels for eurinr in March 2016. In my view, stronger rupee recovery and falling euro might test 71 levels in this month.

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Pramod Baviskar

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