Euro rupee weekly outlook 2 to 6 June 2014

Euro rupee weekly outlook 2 to 6 June 2014

Euro rupee daily chart technical analysis

Euro rupee spot on last trading session closed at 80.63 with gain. On daily chart, euro is bouncing back from oversold and forming bullish base for next move. On daily chart, clear bottom is formed at 79.5 will remain as strong support for now. From short term view, Euro rupee support zones are 80 rupee and then 79.5 rupee while on upside 81.15 is first resistance of its 1 month average and then 82.5 will be 3 month average strong resistance level. Indicators are with recovery patterns but still in bearish area, so risky traders can stay long with stop loss below 79.5 for target 81.15 and then 82.5 in next week.

Euro rupee weekly chart technical analysis

Euro rupee spot this week closed with huge gains on sharp short covering. This week euro hit low at 79.51 while high was at 80.76. Total 1.3-rupee weekly range or 1.5% volatility for euro and recovered from lows. Euro has given small reversal above its 2 years average level and heading towards 12 and 6 month averages to test them. Weekly chart indicators are off the low but still oversold so expect short covering to continue in upcoming weeks. From medium to long-term view, Euro rupee support zones are 78 rupee, which is its 2 years average level and then 73 rupee. While on upside 81.4 is 12 month average level and first resistance and then 82.8 is 6 month average level and next resistance level. Swing traders can ride this short covering rally for target 81.4 and then 82.8 with strict stop loss below this week low point.

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Pramod Baviskar

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