euro to rupee forecast for 2 to 6 sep 2013

euro to rupee daily chart technical analysis

euro to rupee or eurinr spot pair last closed at 86.8 with loss.on daily chart closed below week average 87.54 and which is now act as resistance.above that 92 is top and major supply point on daily chart.

on downside 84.3 is month average and 80.5 is 3 month average and remain as strong supports.

on indicators side,eurinr cci is at +100 and off the highs.while rsi is at 61 and topped out.


euro to rupee weekly chart technical analysis

euro to rupee pair this week closed with gains but lost most of the gains on profit booking.this was straight 3 rd week of gains for euro and in these 3 weeks we seen rally of almost 12 rupees from bottom to top.

here all major averages are way down in 77 to 71 zone so nay major correction will be deep and sharp.on upside 88 is top then 92 and then 100 will be resistances as well.

on weekly chart,euro rupee cci is +215 and still with bullish divergence.while rsi is at 76 and heading towards 80+.

euro to rupee forecast for 2 to 6 sep 2013

euro to rupee for next week below 88 remain weak on account of technical correction and consolidation.this correction may show 84 to 81 levels on downside.while any reversal above 88 will be 92-95 for euro again in very short in euro zone currencies volatility remain high so trading is not so easy for upcoming time.’

from medium to long term view,my given target of 89 is achieved not wait and watch.some correction and consolidation may show 82-84 levels on downside and then might be rally will pick up again for 92-95 as target zone?investors must book profit here in there euro long positions.weak euro against dollar can put more pressure here that why start booking profits.

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Pramod Baviskar

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