Euro rupee weekly report 5-9 May 2014

Euro rupee weekly report 5-9 May 2014

Euro rupee daily chart technical analysis

Euro rupee spot on last trading session closed at 83.41 flat. On daily chart, euro is in downtrend against rupee and trading below short term averages with bearish divergences on chart. On chart, Euro rupee has support at 82.5 and 81.9 which are previous swing lows while on upside 83.6 is 1-month average level and first resistance. Above it 83.9 is 3-month average and next resistance.

Daily chart CCI level is near zero while RSI is below 50 with bearish divergence.

Traders below 83.9 keep short view for euro and expect lower targets of 82.5 and then 81.9.

Euro rupee weekly chart technical analysis

Euro rupee spot this week closed with loss. This week Euro rupee pair hit high at 84.08 while low was at 83.02. Total 1.1-rupee range or 1% plus swing and closed with loss. Weekly chart price trend and momentum both are bullish and euro still trading above 12 and 24 month averages.

From medium to long-term view, these 12 and 24-month averages will be strong support zones. 81.5 is 12-month average and 77.4 is 24-month average level. On upside 83.55 is 6-month average level and first resistance on weekly chart. Above it, 85 will be next strong resistance of previous swing top.

Weekly chart RSI level is 49 with bearish divergence while CCI is -78 with bearish divergence.

Investors below 83.55 keep short view on euro and expect correction to continue up to 81.5.

The Author

Pramod Baviskar

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