Euro rupee future this week closed at 77.61 with gain. This was first weekly gain for euro after previous week’s consolidation and correction. This week euro rupee future hit low at 76.43 and high was 78.29, total almost 2 rupee range and strong closing as long term Bull Run continues. In last 3 weeks euro stuck in narrow range and this week we saw fresh rally continuation move.
Euro rupee weekly chart setup showing, trend and momentum both are bullish. Prices are above 5 weeks average of 76.78 rupee. On downside 74.75 is 20 weeks average and 73.61 is 50 weeks average level support. On this chart, RSI is at 73 and heading higher in overbought condition. Weekly MACD is at 1.38 and continues buy signal given at 69.84 rupee level.
Euro rupee future for next week, will remain buy and accumulate above 76.45 support level for upside next swing target of 78.7 rupee. This week we saw strong reversal above 76.22 support and euro hit my September bullish targets of 77.45 and then another bullish breakout move hit high of 78.29 while my next target was at 78.7 rupee.
From investment view, euro rupee future in 2017 after weak opening hit bearish target of 68.7 and then taken support at that level and bounced back towards 73.3 resistance zone and given bullish breakout above it for long term targets 76 and 80.7 rupees. In august we saw euro achieved 76 rupee target and now heading for 80.7 rupee target level. This week we saw high of 78.29 and as expected euro is inching towards 80 rupee mark.
In last 7 months, euro rupee future given 2 negative closing and 5 are with gains. In month of august euro closed flat negative on profit booking but traded in 2.5 rupee range and achieved long term target of 76 rupee. Now opened strong for September and heading higher towards 80.7 rupee. Now September candle is with low of 76.17 and high was at 78.29 so total 2.1 rupee green candle on monthly chart.