Euro rupee future this week closed at 76.83 with loss. This was first weekly loss for euro after previous 2 week’s gains. This week euro rupee future hit low at 76.5 and high was 77.34, total almost 0.84 rupee range and negative closing on profit booking as well as bearish breakdown.
Euro rupee weekly chart setup showing, trend is bullish while momentum fizzling out on profit booking. Prices are now below 5 weeks average of 76.9 rupee. On downside 75.2 is 20 weeks average and 73.9 is 50 weeks average level support. On this chart, RSI is at 65 and with strong corrective patterns. Weekly MACD is at 1.38 and topped out.
Euro rupee future for October opened around 77.3 rupee major level but failed to sustain and then we saw breakdown towards target of 76.3 rupee and this week euro hit low of 76.5 from highs of 77.34. Below 77.3 remain weak and sell and accumulate for targets 76.3 and below this level next swing target will be 75.2 rupee.
From investment view, euro rupee future in 2017 after weak opening hit bearish target of 68.7 and then reversal rally hit 73.3 and then bullish trend breakout hit 76 rupee and was heading for 80.7 rupee and now correcting towards 76 rupee support.